Hyundai Samho Heavy Industries Labor and Management Reach 2023 Wage Negotiation Agreement

Provisional Agreement Approved with 61.6% Support... Four Months After May Meeting

Labor and management at Hyundai Samho Heavy Industries, a subsidiary of HD Hyundai (CEO Shin Hyun-dae), have reached an agreement on this year's wage negotiations.

According to Hyundai Samho Heavy Industries, on the 22nd, a union vote was held on the tentative agreement for the 2023 wage negotiations, which was approved with 61.6% in favor.

According to the general meeting vote count that day, out of 2,127 total union members, 1,883 (88.5%) participated in the vote, with 61.6% (1,160) in favor, 38.3% (722) against, and 0.1% (1) invalid, passing the second tentative agreement.

Hyundai Samho Heavy Industries Overview

On the 21st, Hyundai Samho Heavy Industries labor and management reached a tentative agreement including a base salary increase of 127,000 KRW (including step increments) and payment of 4.5 million KRW in encouragement money and gift certificates.

The agreement also includes provisions such as a 3 billion KRW contribution to the in-house labor welfare fund, operation of a system improvement task force, and overseas training programs, with the welfare fund resources to be used for employee welfare.

This wage negotiation settlement was achieved about four months after the initial meeting between labor and management on May 16.

A Hyundai Samho Heavy Industries official stated, “We are very fortunate to conclude this wage negotiation before Chuseok,” and emphasized, “Labor and management will do their best together to recover processes and strengthen competitiveness amid the recent surge in orders.”

Labor and management at Hyundai Samho Heavy Industries plan to hold a signing ceremony soon to finalize this year’s wage negotiations.

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