Unionized workers at Hyundai Motor accept wage deal
The headquarters of Hyundai Motor and Kia in southern Seoul / Courtesy of Hyundai Motor Group
ULSAN — Unionized workers of Hyundai Motor Co., South Korea's largest automaker, have voted to accept a wage deal for this year, including a 100,000 won ($73) increase in monthly base pay, the union said Tuesday.
In a vote held Monday, 61.55 percent of 31,166 union members who cast a ballot approved this year's wage agreement between the labor union and the company, the union said.
Under the agreement ironed out earlier, workers will also receive performance bonuses equivalent to 400 percent of their monthly wages and an additional 12.7 million won in cash.
The two sides also reached an understanding to extend the retirement age from the current 60 to 65 if related laws and regulations are revised.
This year's deal came after the union staged multiple strikes, resulting in about 120 hours of production disruptions. The labor action included a full-day strike on Aug. 21, the union's first such walkout in 10 years.
The strikes are estimated to have caused cumulative production losses of around 55,200 vehicles, with lost sales exceeding 2.3 trillion won, according to industry sources.