HD Hyundai Heavy Industries Reaches Agreement on '2023 Collective Bargaining'... Basic Salary Increased by 127,000 Won

Labor Union Members' General Assembly Approves Provisional Agreement with 58.52% Approval Rate

The HD Hyundai Heavy Industries Labor Union (Metalworkers' Union Hyundai Heavy Industries Branch) approved the second tentative agreement on the '2023 Wage Negotiations' at the general assembly of union members with 58.52% in favor. Photo by HD Hyundai Heavy Industries Union

On the 7th, HD Hyundai Heavy Industries announced that the second tentative agreement for the '2023 Wage Negotiations' was approved with 58.52% support at the general meeting of union members (Metalworkers' Union Hyundai Heavy Industries Branch).

At the meeting, 5,895 out of 6,381 union members, accounting for 92.38%, participated in the vote, resulting in 58.52% (3,450 members) in favor, 41.15% (2,426 members) against, and 0.32% (19 members) invalid votes, passing the tentative agreement.

The main points of the tentative agreement include ▲a basic salary increase of 127,000 KRW (including a seniority raise of 35,000 KRW) ▲a bonus of 4.5 million KRW (including 500,000 KRW in gift certificates).

The HD Hyundai Heavy Industries labor and management parties prepared the first tentative agreement on the 22nd of last month, but it was rejected at the union members' general meeting held on the 24th of the same month. Subsequently, negotiations resumed from the 29th, and the second tentative agreement was prepared on the 5th of this month, which was approved at the general meeting held that day.

This negotiation settlement came about three and a half months after the labor and management parties of HD Hyundai Heavy Industries held their initial meeting on Tuesday, May 16. It is the earliest settlement since 2014.

Since settling negotiations in July 2013, HD Hyundai Heavy Industries labor and management had concluded negotiations at the end of each year or after the new year from 2014 through last year. The reason negotiations could be settled so quickly this year was that both parties agreed from the start to conclude the talks promptly.

At the initial meeting in May, President Lee Sang-gyun and Branch Chief Jeong Byeong-cheon both expressed their intention to work together to quickly conclude this year’s negotiations. With shipbuilding orders recently recovering and workloads significantly increasing, both labor and management reached a consensus to avoid a prolonged negotiation war and instead focus on a swift conclusion to fully commit to a stable atmosphere for a new leap forward.

An HD Hyundai Heavy Industries official said, “It seems that the union and its members well understood the importance of adhering to production processes and made a decisive decision,” adding, “With the conclusion of the negotiations, all employees will work together to make a full-fledged leap forward.”

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