Hyundai Motor’s union in S.Korea vote on first strike in 4 years – Reuters

July 1, 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 1 (Reuters) – Hyundai Motor Co’s (005380.KS) unionised workers in South Korea vote on Friday to decide whether to go on a strike for the first time in four years over demands for higher wages and anger the management was prioritising overseas investment.

If the union, one of the biggest in the country with 46,000 members, votes to strike, other industries could follow suit, threatening to slow its manufacturing-reliant economy, which saw exports grew at their slowest pace in more than 1-1/2 years last month. read more

The union is seeking a minimum basic monthly pay increase of 165,200 won ($127) and a performance pay equating to 30% of Hyundai’s 2022 net profit, as soaring inflation cuts into workers’ wages. It is also demanding Hyundai invest in the country to support new businesses including urban air mobility, purpose-built vehicles and electric vehicle-related auto parts manufacturing.

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“Inflation has been speeding up even after we came up with our demand, so many of us feel that our wages need to keep up with this soaring inflation,” a union member at Hyundai Motor told Reuters on condition of anonymity.

Negotiations between Hyundai’s union and management, which started in May, stalled last month. The vote-counting is expected to begin after 5:30 pm (0830 GMT).

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Source: https://www.reuters.com/business/autos-transportation/hyundai-motors-union-skorea-vote-first-strike-4-years-2022-07-01/

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