Hyundai Motors, labor and management reach provisional agreement on ”no strikes” for sixth consecutive year...basic salary to increase by 112,000 won (South Korea)

South Korea's Hyundai Motors' labor and management reached a tentative agreement on this year's wage negotiations on the 8th, including an increase in base wages of 112,000 won (about 13,026 yen).
This marks the sixth consecutive year since 2019 that the company has reached a settlement without a strike. The company's labor and management held the 11th wage negotiation in the main building of the Ulsan factory that day, and Lee Dong-seo
The tentative agreement was reached in the presence of labor-management negotiating representatives, including CEO Lee Dong-seok and union branch chief Moon Young-moon.
The main changes include a 4.65% increase in base salary (112,000 won, including salary increases), and a 2023 business growth target of 1.
400% bonus + 10 million won, separate bonus of 100% + 2.8 million won for achieving the highest business performance for two consecutive years, traditional market gift certificate of 200,000 won, separate agreement related to wage negotiation agreement
The two sides also agreed to pay a quality improvement incentive of 5 million won plus 20 shares around September, when global cumulative sales are expected to reach 100 million units.
With this tentative agreement, labor and management also committed to working together to explore various measures to contribute to resolving social issues and achieve coexistence with the local community.
First, in addition to the social contribution fund to which 6 billion won is contributed every year, 10,000 won will be deducted from the bonuses paid this year for each employee and donated.
The company agreed to establish a special social contribution fund for the two companies, which will contribute a total of 1.5 billion won, including employee contributions. The special social contribution fund will help reduce the childcare burden for low-income earners.
The funds will be donated to childcare support activities for the company. In order to resolve the youth unemployment problem and actively create jobs in the country, the labor and management sides also agreed in negotiations last year to hire 300 people by 2025.
Following this, in this year's negotiations, it was decided to hire an additional 500 technical staff in 2025 and 300 in 2026. In addition, in order to achieve joint growth with partner companies,
The company has decided to operate a 100 billion won fund at the I-level and provide 5 billion won per year to help build smart factories.
Labor and management also agreed to discuss issues that require social consensus, such as extending the retirement age and reducing working hours.
The government has decided to continue to study and discuss the direction of improvement in the future. Next, instead of extending the retirement age, which cannot be decided immediately, the re-employment period for skilled engineers will be increased from the current maximum of one year to a maximum of 10 days.
A company official said, "Amid the concerns and concerns of various stakeholders, including customers and business partners, who are watching the negotiations this year, the labor and management have agreed to resolve social issues and promote the local community.
"We have been able to reach a tentative agreement with the management and labor unions that includes a coexistence plan and has resulted in no strikes for the sixth consecutive year," he said. "To meet the relentless support of our customers, both labor and management will work even harder together to produce the highest quality automobiles."
Meanwhile, the company's labor and management succeeded in reaching a tentative agreement on the same day, so the partial strike that the union had teased on the 10th and 11th was put on hold.
If the bill is passed by a vote of all union members, it will mark the end of this year's wage negotiations at Hyundai Motors.