Hyundai Motor, South Korea union agree 9% wage hike deal – Reuters

July 20, 2022 by No Comments

The logo of Hyundai Motor Company is pictured at the New York International Auto Show, in Manhattan, New York City, U.S., April 13, 2022. REUTERS/Andrew Kelly/

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SEOUL, July 20 (Reuters) – Hyundai Motor Co (005380.KS) and a union representing its South Korea workforce have sealed a wage deal that will boost annual pay by about 9% just days after the automaker committed to building its first new Korean car plant in nearly 30 years.

The union, one of the biggest in South Korea with more than 46,000 members, said late on Tuesday that a total of 62% of its voting members approved the tentative agreement reached last week, while 38% rejected it. read more

The accord, reached after 15 rounds of talks that started in May, comes after Hyundai announced a plan to build a dedicated electric vehicle (EV) factory in South Korea. read more

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“With the latest agreement, we hope the company and the union will be able to collaborate closely and share vision to lead the future mobility industry,” Hyundai Motor said in a statement to Reuters on Wednesday.

The unionised workers had voted earlier this month for a possible strike over demands for higher wages amid anger that management was prioritising overseas investment. Hyundai Motor workers last went on strike in 2018. read more

The union had urged Hyundai to invest in the country to …….



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