HD Hyundai Heavy Industries Labor and Management Reach 2nd Tentative Agreement... Basic Salary Increased by 127,000 Won

HD Hyundai Heavy Industries Ulsan Shipyard. Photo by HD Hyundai Heavy Industries

HD Hyundai Heavy Industries labor and management reached a second tentative agreement on wage negotiations this year on the 5th, with a key point being a base salary increase of 127,000 KRW.

On the same day, the labor and management held the 25th negotiation session at the Ulsan headquarters and prepared the second tentative agreement. The agreement includes a base salary increase of 127,000 KRW (including step increases), a bonus of 4.5 million KRW (including gift certificates), and performance pay. Compared to the first agreement, the base salary increased by 7,000 KRW and the bonus by 1 million KRW. With the release of the second tentative agreement, the strike scheduled for the 6th was canceled.

Previously, the labor and management had prepared a tentative agreement on the 22nd of last month, but it was rejected with 68.7% voting against it in a union member referendum held two days later. The union viewed the wage increase as failing to meet members' expectations and demanded additional wage increases.

Partial strikes were held on the 31st of last month, the 1st, and the 4th of this month, and with a full strike announced, the second tentative agreement was reached. The union plans to hold a referendum among all union members on the second tentative agreement on the 7th.

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