Hyundai Heavy Industries Union Begins Voting on 2nd Tentative Wage Negotiation Agreement

Hyundai Heavy Industries union member voting. Photo by Hyundai Heavy Industries Union

[Asia Economy Reporter Jeong Dong-hoon] The Hyundai Heavy Industries labor union began the second tentative agreement vote for the 2021 wage negotiations on the 12th.

The union started voting from 7 a.m. that day, asking all 7,000 union members at the Ulsan headquarters and other locations whether they agreed with the wage negotiation agreement.

This tentative agreement adds to the first tentative agreement by including a minimum base pay increase of 5,000 KRW to adjust wage gaps by years of service, and an increase of up to 30,000 KRW in the job environment allowance. The first tentative agreement included a base pay increase of 73,000 KRW (including 23,000 KRW for step increases), a performance bonus of 148%, a consolation bonus of 2.5 million KRW, and welfare points worth 300,000 KRW.

If this agreement passes the vote, labor and management will conclude the wage negotiations 8 months and 11 days after their first meeting on August 30 of last year.

The union expects the voting results to be announced around 6 p.m. that day.

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