HD Hyundai Heavy Industries Agrees to a 120,000-Won Increase in Base Pay... 40.56 Million Won per Employee

[Financial News] HD Hyundai Heavy Industries' labor and management have reached a wage and collective bargaining agreement. The key issue, base pay, was settled with a 120,000-won increase.
The Hyundai Heavy Industries Branch of the Korean Metal Workers’ Union (KMWU) announced a tentative agreement on the 30th, saying, "We have established a stable fixed-pay system so that workers' livelihoods are not shaken by the shipbuilding industry's recurring booms and downturns." The agreement centers on a 120,000-won increase in base pay, including 50,000 won for the seniority-based pay raise.
In addition to the 120,000-won increase in base pay, employees will receive an 11 million won lump sum, including 1 million won in gift certificates, as well as 200% of their agreed wages. A performance bonus will also be calculated and paid at the end of the year.
The base-pay increase is 10,000 won higher than the employer's final offer when the union declared negotiations deadlocked. Taking the lump sum and performance bonus into account, each union member will receive 40.56 million won. That is more than 10 million won higher than last year.
An extension of the retirement age, which had drawn attention after being specified in Hyundai Motor Company's labor-management agreement, was not included. Instead, employees scheduled to retire will receive 14 days of consolation leave, while the special award was increased to up to 4 million won.

[email protected] Kim Yoon-ho Reporter