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🇸🇬 Singapore /Economy & Trade

Hyundai Motor’s South Korean union approves wage deal

From The Straits Times · () English

Summarized by DistantNews. Read the original for the full story.

At a glance

Newswire From a news agency Outcome reported
  • Hyundai Motor’s South Korean labour union approved a tentative wage agreement, ending this year’s negotiations after weeks of strikes and talks.
  • The deal provides a 4.1% base salary increase, a performance bonus worth 400% of base pay, and additional cash and bonus payments.
  • Hyundai and the union agreed to hold further talks on employment as the automaker develops new businesses involving technologies such as AI and robotics.

Hyundai Motor’s South Korean labour union has approved a tentative wage agreement after weeks of strikes and negotiations, bringing this year’s pay talks to an end.

Some 61.55% of participating union members voted in favour of the deal, Hyundai Motor said on Sept. 1. The agreement includes a 4.1% increase in base salary, a performance bonus equivalent to 400% of base pay, and additional payments in cash and bonuses.

The agreement also opens the door to further discussions about employment as Hyundai rolls out new businesses. The automaker and the union said advanced technologies, including artificial intelligence and robotics, would be essential to the future of mobility.

Both parties recognise that advanced technologies such as AI and robotics are essential to the future of mobility.

— Hyundai MotorThe company described the technological issues that will shape further discussions about new businesses and employment.
About this summary

Originally published by The Straits Times. Summarized and contextualized automatically by DistantNews, with a note on how the source frames the story. Not individually reviewed before publishing. How this works.

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