Hyundai Heavy Industries Labor and Management Reach Tentative Agreement on 2019-2020 Wage and Collective Bargaining

One Year and Nine Months After the Corporate Split Shareholders' Meeting Conflict

[Image source=Yonhap News]

[Asia Economy Reporter Kim Ji-hee] Hyundai Heavy Industries labor and management reached a tentative agreement on wages and collective bargaining for the two years of 2019 and 2020 on the 3rd.

The labor and management announced that after continuing negotiations on wage and collective bargaining at the Ulsan headquarters that day, they derived a tentative agreement. The tentative agreement included a wage increase of 46,000 won in 2019, a freeze on the base salary in 2020, and the payment of bonuses and incentive payments.

Both sides had previously clashed over the company’s corporate split shareholders' meeting in May 2019, and had confronted each other over issues such as dismissals and disciplinary actions, as well as compensation for damages caused by the destruction of the shareholders' meeting venue. As a result, they prepared a tentative agreement after about 1 year and 9 months.

If this tentative agreement passes the vote of all union members, the wage and collective bargaining agreements for 2019 and 2020 will be finalized.

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