Hyundai Construction Labor and Management Unite to Overcome Crisis, Early Settlement of '2021 Wage and Collective Agreement'

Yoon Young-jun, CEO of Hyundai Engineering & Construction (right), and Kim Jun-ho, chairman of the company's labor union (left in the photo), are holding up the agreement at the "2021 Wage and Collective Agreement Signing Ceremony" held on the 14th at Hyundai Engineering & Construction's Gyedong office in Jongno-gu, Seoul. / Photo by Hyundai Engineering & Construction

[Asia Economy Reporter Kangwook Cho] Hyundai Construction's labor and management have joined hands to overcome the challenging business environment caused by COVID-19 and other factors.

Hyundai Construction announced on the 16th that it completed the 2021 wage and collective bargaining agreement on the 14th at the Hyundai Construction headquarters in Gyedong, Jongno-gu, Seoul, with CEO Youngjun Yoon and Union Chairman Junho Kim in attendance.

This labor-management agreement is the first among Hyundai Motor Group affiliates this year. The company explained that, amid the difficult business environment marked by global economic uncertainty due to COVID-19, labor and management reached an early agreement to unite their efforts to overcome the crisis.

The agreement includes a base salary increase of 2.1?2.3%, a performance bonus payment of 10.6%, and a COVID-19 recovery encouragement bonus of 1.5 million KRW.

Hyundai Construction plans to continue operating the 'Work Environment Improvement Committee' jointly by labor and management each quarter to make continuous efforts to improve employees' working conditions, welfare, and systems.

Labor and management stated, "We will overcome all difficulties with one heart and one mind," and added, "We will develop Hyundai Construction into the best company and make it a company that receives the industry's best treatment."