Hyundai Motor’s union in S.Korea votes to strike after stalled negotiations – Reuters

July 5, 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 voted for a possible strike for the first time in four years over demands for higher wages and anger that management was prioritising overseas investment.

The union, one of the biggest in the country with more than 46,000 members, said on Friday that 81.63% of its voting union members had approved strike action unless the company accept their demands.

If the union does strike, other industries could follow suit, threatening to slow South Korea’s manufacturing-reliant economy, which last month saw exports grow at their slowest pace in more than 1-1/2 years. read more

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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.

“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 …….



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