In a significant milestone, Hyundai Motor Company and its labor union have concluded their sixth consecutive year of wage negotiations without a strike. The union members overwhelmingly approved the tentative agreement, which includes the highest wage increase in the company’s history.
The agreement includes a 4.65% increase in basic monthly pay, a one-time performance-based bonus, and 25 shares in the company for each employee. Additionally, the company agreed to extend the maximum reemployment period for retired skilled workers from one to two years.
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This historic agreement marks a significant achievement for both the company and the union, avoiding a strike since 2019. The union had planned to go on strike, but withdrew the plan after management agreed to the highest-ever wage raise and the two-year reemployment program for skilled retired workers.
A signing ceremony is scheduled for Monday to formalize the agreement. Hyundai expressed its commitment to fulfilling its social responsibilities and working together with the union to prepare for a better future.
This agreement sets a positive tone for the company’s future and demonstrates the strength of the union-management relationship at Hyundai Motor Company.
