Hyundai Motor(005380) labor and management wrapped up this year's wage talks.
Hyundai Motor said on the 1st that on the 31st, 61.55% voted in favor in a vote on this year's tentative wage agreement held by the Hyundai Motor union for all 39,638 members, passing the deal.
A total of 31,166 members, or 78.63% of all union members, took part in the vote, with 19,183 in favor and 11,914 (38.17%) against.
In this year's wage talks, Hyundai Motor labor and management clashed bitterly over key issues including a 50% increase in bonuses, reinstatement of dismissed workers, and extending the retirement age. During the process, the union launched its first strike on July 13 and staged strikes totaling 60 hours. On the 21st of last month, it also held an eight-hour full strike for the first time in 10 years.
In the end, they reached a tentative agreement at the 16th round of wage talks on the 25th of last month. The main points of the tentative deal are as follows: ▲ hiring new technical workers for core roles, 200 in 2027 and 300 in 2028 ▲ a 100,000 won increase in base pay ▲ a performance bonus of 400% + 12.7 million won ▲ 15 shares ▲ a 500,000 won Hash Point payment.
They also agreed to implement an extension of the retirement age without expanding the wage-peak system as soon as it is enacted into law, and to withdraw all 10 provisional attachments for damages claims filed by the company.
A Hyundai Motor official said, "Based on the passage of this tentative agreement, labor and management will go all-out to boost production in the second half and build products of the world's best quality to repay our customers' support."
The signing ceremony for the Hyundai Motor wage agreement is scheduled to be held on the 2nd.