Performance bonus of 400% plus 12.7 million won... Hyundai Motor labor and management reach final agreement on wage negotiations

Hyundai Motor labor and management have fully concluded this year's wage negotiations.

The Hyundai Motor union announced on the 1st that a vote held last month on whether to accept the tentative agreement on wage negotiations passed with 61.55% in favor. The previous day's yes-or-no vote saw participation from 31,166 out of a total of 39,638 union members (turnout rate: 78.63%). Tallying results early that morning showed 19,183 votes in favor (61.55%), 11,914 against (38.23%), and 69 invalid ballots (0.22%).

Labor and management reached a tentative agreement during the 17th round of negotiations held on the 25th last month, which included a base pay increase of 100,000 won (including seniority-based increments), a performance bonus of 400% plus 12.7 million won, allocation of 15 shares, provision of welfare points worth 500,000 won, and an increase in summer vacation allowance by 200,000 won. In addition, they agreed to hire 500 new employees from the second half of next year through 2028, implement an extension of the retirement age without expanding the wage peak system immediately upon legislation, and withdraw all 10 cases of provisional attachment for damages filed by the company.

Hyundai Motor labor and management faced conflicts over key issues in this year's wage negotiations, including a 50% increase in bonuses, reinstatement of dismissed workers, and extension of the retirement age. Facing difficulties during negotiations, the union launched strikes totaling 60 hours starting with its first strike of the year on July 13. The industry estimates that due to the union's strikes this year and refusal to work weekend overtime, production of approximately 55,000 vehicles was not achieved, resulting in sales losses exceeding 2.3 trillion won.

A Hyundai Motor official stated, "Based on the approval of this tentative agreement, labor and management will devote their full efforts to production in the second half of the year and create products of global top quality to repay customer support."