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.
Also Read: FPI Community To Play Key Role In Placing India As Third Largest Economy
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.
To read more such news, download Bharat Express news apps
