Hyundai Motor Company In the main building, the conference room, management and labor representatives met to discuss wage negotiations for the current year. Ulsan plant. (Photo Providing by Hyundai Motor Company)


Hyundai Motor Company Without resorting to a walkout, the company and its labor union came to an agreement regarding wage negotiations for 2024. This A 46-day agreement has been reached, marking the sixth consecutive labor dispute-free year since 2019.


On July 8, Hyundai Motor Company Management and labor representatives including CEO Lee Dong-seok is a leader of the union Moon Yong-moon reached a tentative deal during the 11th wage negotiations held in a conference room at the main building of the Ulsan plant. In Both parties have agreed that they will go beyond traditional negotiations focusing on working conditions to explore other measures to address issues of social concern and promote prosperity with the local communities.


In In addition to the 6 billion won annual social contribution fund (approximately 4,33 million dollars), performance bonuses this year will include a deduction for donations of 10,000 won. The Company has agreed to pay a total of 1,5 billion won (including employee contributions) to establish the “Labor-Management Joint Special Social Contribution Fund.” This The fund will be used to provide financial assistance to low-income households through activities like childcare.


MoreoverBoth parties agreed to create new jobs and fill technical positions in production to reduce youth unemployment. Following This year’s agreement, in addition to the 300 technical employees hired last year, includes 500 additional employees by 2025.


Furthermore, Hyundai Motor Company The company has committed to operating a co-prosperity account of 100 billion won at group level, and supporting the establishment of intelligent factories with a budget of 5 billion won per year. In It has also agreed to implement a 5 billion won financial assistance program to help partner firms purchase equipment to reduce greenhouse gases.


AdditionallyBoth parties agreed to extend the reemployment period for skilled employees from the current maximum one year to two years maximum, rather than immediately decide on an extension of the retirement age.


Wages In recognition of the last year’s success, and to encourage surpassing this year’s goals, performance bonuses will also be paid. The Key details include a 4.65 % increase in the base salary (112,000 won), including step increases; a 400 % performance bonus for 2023 and 10 million won; an additional 100 % bonus plus 2.8 millions won to celebrate achieving record business results for the second consecutive years; a 200,000-won traditional market gift certificate, as well as five shares of stock, related to the end of wage negotiations. In The labor and management parties also agreed to award a bonus for quality improvement of 5 million Won and 20 shares in the company. SeptemberThe expected global sales of 100,000,000 units will coincide with this date.

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