Hyundai Heavy Industries 2-Year Labor-Management Negotiation 2nd Tentative Agreement
[Asia Economy Reporter Oh Ju-yeon] Hyundai Heavy Industries labor and management have reached a second tentative agreement on wages and collective bargaining for 2019 and 2020.
The labor and management tentatively agreed on the two-year wage and collective agreement at the main negotiation held on the 31st. The second tentative agreement includes an additional special incentive payment of 2 million KRW for the development of the shipbuilding industry on top of the existing agreement. The previous first tentative agreement summarized a 46,000 KRW wage increase in 2019, a freeze on the base salary in 2020, and the payment of performance bonuses and incentives.
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After the rejection of the first tentative agreement, labor and management had significant differences over wage increases and special payments (compensation related to the corporate split on May 31, 2019), which prevented the main negotiations from taking place. However, after resuming the main negotiations on the 25th, they reached the second tentative agreement within six days.
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