Chairman Chung Euisun and Hyundai Motor Executives' Salaries Up 35% in One Year... Employees' Salaries Rise 9%
[Asia Economy Reporter Choi Dae-yeol] Chung Eui-sun, Chairman of Hyundai Motor Group, received a total compensation of 5.41 billion KRW from Hyundai Motor Company last year. This marks an increase of about 35% compared to the 4.08 billion KRW he received the previous year.
According to Hyundai Motor's business report released on the 16th, Chairman Chung received 4 billion KRW as salary. In addition, he received a bonus of 1.4 billion KRW. The salary was determined based on internal wage-setting standards, and the bonus was set at 35% of the salary. Separately, as CEO of Hyundai Mobis, he received 3.375 billion KRW. The company explained, "The executive compensation was determined based on the executive compensation payment standards, comprehensively considering business performance, achievement of goals, management performance and contribution, and internal and external management environments."
The proportion of Chairman Chung's bonus (35% of total compensation) is at the same level as Executive Vice President Seo Kang-hyun, who serves as Chief Financial Officer, as well as former Vice Chairman Yoon Yeo-chul and former President Lee Won-hee, who retired at the end of last year. Former Executive Director Albert Biermann, who resigned mid-term, had the highest bonus ratio among disclosed executives at 37.5%. Similarly, former President Ha Eon-tae and current President Jang Jae-hoon, who stepped down last year, received bonuses amounting to 30% of their salaries.
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The average annual compensation per non-registered executive at the company last year was 529 million KRW, representing an increase of about 35.6% compared to 390 million KRW the previous year. The average annual salary of all Hyundai Motor employees was 96 million KRW, up about 9% from 88 million KRW the previous year. As of the end of last year, Hyundai Motor had a total of 66,002 employees, with an average length of service of 18.9 years. Compared to the previous year, the number of employees decreased by about 900, while the average length of service remained similar at 18.8 years.
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