Market Chatter: Hyundai Motor, Labor Union Agree on Tentative Wage Deal

MT Newswires Live08-25 12:02

The management and 400,000-member labor union of Hyundai Motor (KRX:005380) reached a possible wage agreement early on Tuesday after the union staged 60 hours of strikes this year that led to production disruptions and significant sales losses, Yonhap News reported the same day.

The strikes caused about 120 hours of production disruptions and are estimated to have lowered output by 55,200 vehicles, with lost sales surpassing 2.3 trillion won, the report said.

Under the deal, monthly base pay will increase by 100,000 won, while workers will receive a performance bonus of over 400% of monthly salary and an additional 12.5 million won payment. The parties also agreed to extend the retirement age from 60 to 65 if relevant laws are revised, it said.

The agreement will be subject to a union vote on Aug. 31, the report said.

Hyundai Motor did not immediately respond to MT Newswires' request for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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