Photo = Hyundai Motor

[Alpha Biz= Reporter Kim Sangjin] On the 13th, Hyundai Motor's labor union declared the collapse of this year's wage negotiations at its Ulsan plant during the 8th round of talks, signaling plans to prepare for a strike.

On that day, the company proposed a basic wage increase of 101,000 Korean won, performance bonuses of 350% plus 14.5 million won, quality improvement incentives equivalent to 100% for achieving global cumulative sales of 10 million units, and issuance of 20 shares of stock.

Additionally, Hyundai offered to contribute 6 billion won annually to a social contribution fund and proposed a joint labor-management fund where the company matches employee contributions of 10,000 won per person from the proposed performance bonuses.

They also tabled a "Salary Excellence" system, aiming to donate sub-unit amounts from monthly salaries to support items needed for childbirth and childcare among marginalized groups.

The union deemed the proposal inadequate compared to members' expectations and walked out of the negotiation table. Moon Yong-moon, head of Hyundai's labor union, expressed disappointment, stating, "Today's proposal falls far short of our members' expectations and demands," announcing the negotiations' collapse.

The union is expected to file a dispute resolution request with the Central Labor Relations Commission and convene a temporary delegates' conference next week to discuss strike plans.

 

 

 

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