Hyundai Motor labor and management reach wage deal with 100,000-won raise and major bonuses

Hyundai Motor’s labor dispute ended with workers approving a wage deal that combines higher pay, substantial bonuses and a pledge to hire 500 technical employees.

The union said 31,166 of its 39,638 members took part in the vote. Of those, 19,183, or 61.55%, backed the tentative agreement. The package raises monthly base pay by 100,000 won and provides performance pay equal to 400% of base salary plus 12.7 million won. Workers will also receive 15 company shares and 500,000 won in welfare points.

The agreement includes benefits scheduled to begin next year, including a 200,000-won summer vacation payment. Hyundai Motor plans to hire 200 production workers in the second half of next year and another 300 in 2028.

The two sides also agreed to extend the retirement age without expanding a wage-peak system if the law changes. Management will withdraw 10 damages-related provisional seizure requests filed against the union, involving a combined 21.17 billion won.

The deal followed 111 days of negotiations that began with an opening meeting on May 6. The union had gone on strike for a second consecutive year during a dispute over retirement-age extensions and the reinstatement of dismissed union members, including an eight-hour full strike last month, the first such action in 10 years. Hyundai Motor said it would focus on production in the second half of the year and on making high-quality products.

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We will devote ourselves to production in the second half of the year and repay our customers' support by making globally top-quality products.