Hyundai Oilbank, First Major Company to Initiate Wage Negotiations

[Asia Economy Reporter Hwang Yoon-joo] Hyundai Oilbank announced on the 3rd that it has completed the 2021 wage negotiations, becoming the first large corporation to do so.

President Kang Dal-ho and Labor Union Chairman Choi Yong-soo jointly signed an agreement at Hyundai Oilbank's Daesan Plant in Seosan, Chungnam, on the same day, agreeing to set this year's wage increase rate at the industry average. Negotiations proceeded smoothly based on a mutual understanding between the labor union and the company to avoid unnecessary conflicts amid unprecedented difficulties faced by the refining industry.

President Kang expressed his gratitude, saying, "Both labor and management agreed to make concessions and focus on overcoming the crisis," while Chairman Choi stated, "The labor union will do its best to cooperate so that the company's performance can improve."

Since its establishment in 1964, Hyundai Oilbank has maintained a tradition of labor peace without disputes. The labor union has demonstrated exemplary labor-management relations by delegating wage decisions to the company whenever the company faced difficulties.

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