HD Hyundai Heavy Industries Labor and Management Reach Tentative Agreement... Base Pay to Rise by 120,000 Won

[Financial News, Ulsan] Reporter Choi Soo-sang: HD Hyundai Heavy Industries' labor and management have reached a tentative agreement on this year's wage and collective agreement, centered on a monthly base-pay increase of 120,000 won, including the seniority-based increase.
According to labor and management on the 30th, the tentative agreement also includes one-time payments of 11 million won plus 200%, including an encouragement bonus; performance-based bonuses; an extension of childbirth congratulatory leave from 10 to 20 days; expanded awards for long-serving employees; 60 days' advance notice before dismissing a union member; and new hiring for production technology positions this year.
Labor and management began their 22nd round of negotiations at 2 p.m. on the 29th at the company's headquarters in Ulsan Metropolitan City. They reached the tentative agreement after a 14-hour marathon meeting. It came 120 days after their initial meeting on June 2.

The union plans to hold a vote on the tentative agreement among all union members on October 2. This year's wage and collective agreement will be finalized if a majority of those voting approve it.
The union said in a newsletter, "We set the direction of the negotiations toward establishing a stable fixed-pay system so that workers' livelihoods would not be shaken by the shipbuilding industry's recurring cycles of booms and downturns, and toward adapting related systems to reflect reality."
Earlier, during this year's negotiations, labor and management agreed on the need for a pay increase amid the shipbuilding industry's boom, but remained at odds over the method and size of the increase.
The union demanded expanded fixed pay, including base pay and bonuses, while the company proposed compensation through increased variable pay, including encouragement bonuses, leading to a standoff.
[email protected] Choi Soo-sang Reporter