HD Hyundai Heavy Industries said it drew up a second tentative agreement on the 2025 wage talks at the 24th main bargaining session held on the 17th. It comes about two months after the first tentative agreement was voted down in Jul. If the tentative agreement passes a yes-or-no vote at the general assembly of union members on the 19th, it will be finalized.
Key terms include a 135,000 won increase in base pay (including 35,000 won for step raises), a 5.2 million won encouragement payment including 200,000 won in gift certificates, a 100% special incentive, a 1.2 million won congratulatory payment for the relaunch following the merger with HD Hyundai Mipo, and the signing of employment stability and win-win cooperation agreements.
Compared with the first tentative agreement that was voted down earlier, the base pay increase is up by 2,000 won, and a congratulatory payment for the relaunch was added in line with the announcement of the merger with HD Hyundai Mipo. However, the base pay increase is lower than the union's demand of 141,300 won, and changes to the performance bonus calculation standard were not included.
The company said the tentative agreement is the best offer in its history and the highest among peers, and that it carries the meaning of securing sustainable growth engines through the MASGA (Make America Shipbuilding Great Again) project amid the recent recovery in shipbuilding and the merger with HD Hyundai Mipo.
Earlier, labor and management at Hanwha Ocean concluded this year's talks with a plan centered on a 123,262 won base pay raise, and Samsung Heavy Industries agreed to a 133,196 won increase.
An HD Hyundai Heavy Industries official said, "Labor and management prepared a second tentative agreement despite difficult circumstances," and added, "We hope this best-in-class agreement among peers will become the driving force for strengthening global competitiveness and developing the local community."