Hyundai Motor, Tentative Agreement on Labor-Management Negotiations... Basic Salary Increased by 111,000 Won
Hyundai Motor Company's labor and management reached a tentative agreement on June 12 for this year's wages and collective bargaining, including a basic salary increase of 111,000 KRW and additional new hires for technical positions.
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On the same day, the labor and management announced that they had reached the tentative agreement during the 23rd negotiation held at the Ulsan plant. The tentative agreement includes a basic salary increase of 111,000 KRW (including step increases), a performance bonus of 400% plus 10.5 million KRW, 15 shares of stock, and traditional market gift certificates worth 250,000 KRW.
Special incentive payments of 2.5 million KRW and a 100% business goal achievement bonus will also be provided. Separately, they agreed on additional new hires for technical (production) positions, approximately 800 people.
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If this tentative agreement passes the approval vote by all union members on the 18th, Hyundai Motor's collective bargaining will achieve a five-year streak of dispute-free settlements.
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