Key facts
- Unionized workers at Hyundai Motor voted to accept a wage deal.
- The deal includes a 100,000 won (US$73) increase in monthly base pay.
- Workers will also receive performance bonuses equivalent to 400% of monthly wages and an additional 12.7 million won in cash.
- An understanding was reached to extend the retirement age from 60 to 65 if laws are revised.
- The agreement comes after strikes that caused approximately 120 hours of production disruption.
Unionized workers at Hyundai Motor Co., South Korea's largest automaker, have voted to accept a wage deal for the current year. The agreement, approved by 61.55 percent of voting members, includes a 100,000 won (US$73) increase in monthly base pay. Additionally, workers will receive performance bonuses equivalent to 400 percent of their monthly wages and a cash bonus of 12.7 million won. The union and company also reached an understanding to potentially extend the retirement age from 60 to 65, contingent on revised laws and regulations. This year's wage agreement follows multiple strikes by the union, which resulted in approximately 120 hours of production disruptions and an estimated loss of 55,200 vehicles, with sales losses exceeding 2.3 trillion won.