1200 Hyundai Motor Group Executives Return 20% of Salaries... "Sharing COVID-19 Hardships"

Comprehensive Consideration of Management Environment by Each Affiliate for Autonomous Decision-Making

Hyundai Kia Motors Yangjae Office (Photo by Yonhap News)

[Asia Economy Reporter Kim Ji-hee] Executives of Hyundai Motor Group affiliates have decided to voluntarily return 20% of their salaries starting this month. This is a commitment to take the lead in overcoming the crisis by sharing the pain amid growing uncertainties across the economy, including the automotive industry, due to the spread of the novel coronavirus infection (COVID-19).

Hyundai Motor Group announced on the 20th that more than 1,200 executives will voluntarily return 20% of their salaries starting this month. This measure was taken based on the autonomous judgment of executives, considering the overall management environment of each affiliate.

A Hyundai Motor Group official said, "This is a proactive response by executives of each affiliate to the uncertainties in the management environment through leading by example," adding, "Hyundai Motor Group is actively cooperating with the government-led response system while establishing a 'COVID-19 Comprehensive Situation Room' to monitor the global situation and explore various countermeasures to minimize business risks."

He continued, "We plan to continuously secure core competencies to lead the future automotive industry by steadily carrying out investments and technology development to enhance future competitiveness."

This is not the first time that executives of Hyundai Motor Group affiliates have voluntarily returned their salaries. They also returned salaries in 2009 and 2016, during times of hardship caused by the global financial crisis and poor performance.