Hyundai Motor Co and a union representing its South Korean workforce on Monday sealed a wage deal that will boost annual pay by about 12%, avoiding a strike and production losses at the company's biggest manufacturing base.
and a union representing its South Korean workforce on Monday sealed a wage deal that will boost annual pay by about 12%, avoiding a strike and production losses at the company's biggest manufacturing base.
The union, one of the biggest in South Korea with more than 44,000 members, said on Monday that a total of 58.8% of its voting members had approved thepossible strike over demands for higher wages, a performance bonus and an increase in the mandatory retirement age to 64 from 60. The union demand to increase the retirement age - which would have allowed workers to stay in their jobs, reducing reliance on the pension system, for longer - was not accepted., last went on strike in 2018.
Unionised workers at Hyundai in South Korea held a four-hour strike for one day in July in support of a general strike, but it was not related to the union's wage negotiations with the management.
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