Hyundai Capital Labor and Management Reach First Collective Bargaining Agreement... First Among Hyundai Motor's Three Financial Companies

Attention on Whether Hyundai Card and Hyundai Commercial Labor-Management Negotiations Will Accelerate

On the morning of the 2nd, the labor and management of Hyundai Capital held a signing ceremony for the 2021 collective agreement at the Hyundai Capital Yeongdeungpo building located in Yeongdeungpo, Seoul. (From left) Mok Jin-won, CEO of Hyundai Capital; Lee Jae-jin, Chairman of the National Office and Financial Services Labor Union; and Kim Bong-hyun, Head of the Hyundai Capital branch of the National Office and Financial Services Labor Union, are taking a commemorative photo.

[Asia Economy Reporter Ki Ha-young] Hyundai Capital's labor and management have signed a collective agreement for the first time since the establishment of Hyundai Capital. As the first among the three financial companies of Hyundai Motor Group to conclude a collective agreement, attention is focused on whether labor-management negotiations at Hyundai Card and Hyundai Commercial will accelerate in the future.

According to the industry on the 2nd, Hyundai Capital and the Hyundai Capital branch of the National Office and Financial Services Labor Union (hereinafter Hyundai Capital Labor Union) reached a final agreement on the collective agreement and held a signing ceremony at Hyundai Capital's Yeongdeungpo office building that morning.

Hyundai Capital's labor and management finalized the collective agreement after 1 year and 7 months since the establishment of the Hyundai Capital Labor Union in September 2019 and the start of the first negotiations in November of the same year.

In particular, this collective agreement is the first labor-management collective agreement since Hyundai Capital was established in 1993. It is the first labor-management collective negotiation concluded among the three financial companies of Hyundai Motor Group: Hyundai Capital, Hyundai Card, and Hyundai Commercial.

Through this collective agreement, Hyundai Capital recognized the union's right to collective bargaining and the right to conclude agreements. It also stipulated in the agreement the principles of non-interference in union operations and prohibition of unfair labor practices, establishing institutional measures to guarantee the autonomy and independence of union activities.

An industry official said, "Since the first face-to-face meeting between Hyundai Capital's labor and management, practical negotiations have been held more than 30 times, continuously reducing differences through ongoing dialogue and negotiation."

As Hyundai Capital, the largest among the three financial companies of Hyundai Motor Group, has signed the collective agreement, labor-management negotiations at Hyundai Card and Hyundai Commercial are expected to gain momentum.

This content was produced with the assistance of AI translation services.