Hyundai Elevator Reaches Early Wage Negotiation Agreement... "Resolution to Overcome Crisis"

[Asia Economy Reporter Hyunseok Yoo] Hyundai Elevator has reached an early agreement on the 2022 wage negotiations.

Hyundai Elevator's labor and management sides announced on the 1st that they reached an agreement with a record-high approval rate of 83.21% on the 30th of last month, just fifteen days after starting the wage negotiations. This is the fastest negotiation result among major domestic elevator companies. Through this negotiation, Hyundai Elevator's labor union and the company agreed on a 3.8% increase in the base salary, a no-dispute settlement incentive, and a special incentive payment to overcome the crisis.

A company official stated, “A consensus was formed between labor and management to conclude the wage negotiations early in order to overcome the deteriorated business environment caused by the global economic crisis due to the Russia-Ukraine war, soaring raw material prices, construction market recession, and COVID-19.”

Along with this, Hyundai Elevator's labor and management held a ‘Crisis Overcoming Resolution Rally’ at the headquarters in Chungju, attended by CEO Jo Jae-cheon, Labor Union Chairman Son Man-cheol, and about 200 executives and employees, and adopted a ‘Joint Resolution for Overcoming the Crisis’ by labor and management. In the resolution, labor and management explained that they recognize the deteriorated business environment as a management crisis and will cooperate mutually with the common goal of normalizing management.

CEO Jo said, “Although the situation is difficult, this resolution rally, where labor and management empathize and unite as one, will provide an opportunity to grow and leap forward once again,” and added, “We will do our best to create an environment where executives and employees can grow together with management.”

Chairman Son said, “Especially in difficult times, if labor and management move forward with trust based on being one, we will be able to overcome adversity and turn the crisis into an opportunity.”

The Hyundai Elevator labor union voluntarily froze wages and returned bonuses during the 1997 IMF crisis, and during the 2008 global financial crisis, it entrusted the company with wage and collective bargaining for three years to help overcome the crisis. The company also cultivated a win-win labor-management culture based on the principle of no employment adjustment even in crises, and won the Presidential Award for Labor-Management Culture in 2013.

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