[Alpha Biz=(Chicago) Reporter Kim Jisun] Hyundai Motor proposed to the labor union a wage plan that calls for a basic salary of 101,000 won in negotiations for wages and collective agreements this year. The union, which proposed a basic salary increase of 184,900 won, said it would not accept it.

In the 19th round of negotiations held at the Ulsan plant on the 5th, Hyundai Motor Co. came up with the first proposal, which includes a 101,000 won increase in basic salary and a 300 percent plus 7.5 million won in performance-based bonuses. The total amount of wage proposals, including 4 million won in special incentives and 10 shares paid by the company in March this year, is 300 percent plus 11.5 million won in bonuses and 10 shares.

Compared to the union's earlier basic salary increase of 184,900 won (excluding the increase in salary) and 30 percent of the previous year's net profit (including stocks) in performance-based bonuses and 900 percent in bonuses, the figure falls short of the union's expectations. Moreover, Hyundai Motor flatly rejected the union's request to extend the retirement age to 64.

A union official called for an additional proposal, saying, "There are signs of the company's concern, but it is not enough to be understood."

 

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