"400% Performance Bonus Plus 12.7 Million Won"... Hyundai Motor Company Labor and Management Reach Tentative Wage Agreement

[Financial News, Ulsan Metropolitan City = Reporter Choi Soo-sang] Hyundai Motor Company and its labor union have reached a tentative agreement on this year's wage negotiations, centering on a performance bonus of more than 400% and a 100,000 won increase in the monthly base salary.
The tentative agreement came out of the 17th round of talks held on the 25th. In addition to the base salary increase, it includes a 400% performance bonus plus 12.7 million won, 15 shares of stock, 500,000 won in welfare points, and a 200,000 won increase in summer vacation pay.
The bonus increase, which had been a key issue in this year's negotiations, will be revisited in next year's collective bargaining. The extension of the retirement age will be implemented when the law is revised, without expanding the wage peak system.
Separately, the company agreed to hire 500 new technical workers, including 200 in the second half of next year and 300 in 2028.
The two sides also agreed to lift all 10 provisional seizures for damage claims that the company had filed over alleged illegal acts during union activities.
If the tentative agreement passes a union members' vote on the 31st, this year's wage negotiations will be finalized.
[email protected] Choi Soo-sang Reporter