Hyundai Motor's labor union declares breakdown in wage negotiations... First strike in seven years likely (South Korea)

Hyundai Motor's labor and management, which had been holding collective wage negotiations for this fiscal year since last June, broke down at the 17th round of negotiations held at 10 a.m. on the 13th.
According to the Korean automobile industry, the Hyundai Motor Workers' Union (National Metal Workers' Union Hyundai Motor Branch) announced that it would hold a scheduled meeting at 2 p.m. on the same day.
The 17th round of negotiations was brought forward to 10 a.m., and the company presented its demands to the company in one go. However, the company expressed its reluctance, saying that "additional negotiations are necessary," and the wage collective bargaining for this fiscal year was postponed.
The union's decision to bring forward the negotiation time is being interpreted as a de facto preparation to secure the right to strike. In this negotiation, the union has agreed to a monthly base salary of 140,000 yen, based on Hyundai Motor's performance last year.
Increase of 1,300 won (excluding salary grade increases), 30% of the previous year's net profit paid as performance pay and 900% of bonuses, extension of retirement age, introduction of a 4.5-day work week, introduction of a progressive retirement allowance system, regular wage compensation
They demanded wage payments (approximately 20 million won per union member), etc. However, the company responded that it would be difficult to accept many of their demands due to multiple overlapping issues, including the tariff issue this year.
Initially, labor and management had planned to hold three meetings on the 12th (16th), 13th (17th), and 14th (18th), but due to the breakdown of the 17th negotiation, the 18th negotiation was postponed.
The union's branch chief, Moon Young-moon, said in a message to union members, "We held three rounds of practical negotiations, including the main negotiations on the 17th from June 18th, but the company said it was 'difficult and tough.'
"The union has declared the end of negotiations because they have never presented a reasonable proposal in response to the legitimate demands of union members," he added.
"Let's make this year the year of the union," and "We will not back down until we protect the rights of our members and achieve our legitimate demands." This marked the end of the six consecutive years of the union's successful conclusion of the agreement without any disputes until last year.
Concerns of a strike have emerged this year in the company's labor-management relations, and the union is expected to hold a dispute countermeasure committee meeting and begin preparations to secure the right to strike.