Hyundai Motor union approves tentative wage agreement, with 61.55% in favor

[Financial News, Ulsan Metropolitan City = Choi Soo-sang] The Hyundai Motor union has passed this year's tentative collective bargaining agreement.
The Hyundai Motor branch of the KMWU said on the 1st that it held a vote among all 39,638 union members on the tentative wage agreement for this year. Of the 31,166 members who voted, representing a turnout of 78.63% with 8,472 abstentions, 19,183 votes were in favor, or 61.55%, while 11,914 were against, or 38.23%, and 69 were invalid. The vote was held the previous day.
The tentative agreement includes a monthly base-pay increase of 100,000 won, including seniority-based raises, performance pay of 400% plus 12.7 million won, 15 shares of company stock, a 500,000-won welfare point package, and a 200,000-won increase in summer vacation allowance.
It also includes plans to hire 500 new technical workers, or production staff, from the second half of next year through 2028, to extend the retirement age without expanding the wage-peak system if the law is revised, and to withdraw all asset seizure requests related to damages claims that the company had filed against the union.
The labor and management sides reached the tentative agreement on the 25th of last month, 111 days after their first meeting on May 6. Before that, they went through several partial strikes and full-scale strikes.
[email protected] Choi Soo-sang Reporter