Photo = Hyundai Motor Union

 

[Alpha Biz= Reporter Kim Sangjin] Hyundai Motor Union has ratified a provisional agreement on 2024 collective bargaining (wage negotiations). The vote, held on the 12th and counted until early on the 13th, resulted in 58.93% in favor, 40.88% against, and 0.19% invalid votes. This marks the sixth consecutive year of peaceful labor agreements.

Hyundai Motor, having achieved record-breaking results last year, proposed bold terms during this year's wage negotiations, which the union accepted, leading to the provisional agreement. The 11th round of negotiations, held at the Ulsan plant headquarters on the 8th, saw participation from Hyundai Motor's CEO, Dongseok Eom, and union leaders including Mun Yong-moon, where the provisional agreement was reached.

Key points of the agreement include a 4.65% increase in base salary (11.2 million won, including seniority pay), a 400%+10 million won performance bonus for 2023, a special incentive of 100%+2.8 million won for achieving maximum consecutive management performance for two years, 200,000 won in traditional market gift certificates, and 5 shares of company stock as part of a separate agreement related to wage negotiations. The average increase effect totals 50.12 million won, compared to last year's agreed increase effect of 40.08 million won.

Notably, conveyor allowances saw their first increase in 11 years, with S-grade standards rising from 74,000 won in 2013 to 91,000 won this year.

Regarding social agreements necessary for issues such as 'retirement age extension' and 'reduction of working hours,' improvement strategies will continue to be discussed consistently. However, the labor and management agreed to extend the period for employing skilled technicians from a maximum of 1 year to a maximum of 2 years.

 

 

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