Hyundai Motor's labor union, expecting 800% bonus this year
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stockmk2020@alphabiz.co.kr | 2023-05-26 02:41:15
[Alpha Biz=(Chicago) Reporter Kim Jisun] Hyundai Motor, which has been performing at a record high in the first quarter of this year since last year, is expected to suffer a lot this year regarding wage and collective bargaining. This is because the company's labor union is expected to present the highest-ever wage increase plan in wage and collective bargaining this year with its record-high performance.
According to the automobile industry on the 25th, Hyundai Motor's labor union held a temporary delegate meeting from the previous day to the day to continue discussions on the demand for wage and collective bargaining this year. Hyundai Motor's labor union plans to notify the management of the request when it is completed, and the company's labor and management will hold a meeting in the middle of next month and begin negotiations in earnest.
Hyundai Motor's labor union is expected to offer the company a monthly raise of 184,900 won (excluding salary raise) this year. Hyundai Motor's labor and management agreed to raise the basic salary by 108,000 won a month, the highest ever, last year, which means they will demand a double increase.
In particular, Hyundai Motor's labor union is expected to demand 30 percent of its net profit, including stocks, as performance-based bonuses this year and propose up to 800 percent bonuses to the management. Last year, Hyundai Motor's labor and management agreed to 4 million won for 200% of management incentives, 1.5 million won for quality improvement incentives, and 100% for achieving their goals in the second half of the year.
In addition, expanding discounts on vehicle purchases, stabilizing employment of union members due to the transformation of the industry, and extending the retirement age are expected to be included in the demands for wage and collective negotiations this year.
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