Hyundai and workers reach preliminary deal
Hyundai Motor Company and the union representing its workers have reached a tentative agreement after a one-day widespread strike involving approximately 40,000 employees out of about 73,000 nationwide. This is the first such strike in a decade. The agreement includes a monthly salary increase of 100,000 won ($72) and a bonus equivalent to four months’ wages, along with a promise to address raising the retirement age from 60 to 65 once the government enacts the relevant legislation. The company rejected the implementation of a peak wage system, which would gradually reduce the salaries of senior workers approaching retirement. The proposals will be put to a vote on August 31. Despite the strike, Hyundai recorded a record-breaking 49.2 trillion won ($37 billion) in second-quarter revenue, though profits declined by 20.8%, with losses amounting to $1.6 billion due to strikes that halted work for 60 hours this year.
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