Bonus 400% + 10 Million KRW... Hyundai Motor Likely to Agree on 6 Consecutive Years of No Strikes

On the 8th, Hyundai Motor Company's labor and management reached a tentative wage negotiation agreement that includes a base pay increase of 112,000 KRW and a performance bonus of 400% plus 10 million KRW. With the tentative agreement reached during the 12th round of negotiations, the possibility of Hyundai Motor Company concluding wage negotiations without strikes for six consecutive years has increased.

The tentative agreement includes a 4.65% base pay increase (112,000 KRW, including step increases), a 2023 management performance bonus of 400% plus 10 million KRW, a separate incentive payment of 100% plus 2.8 million KRW to commemorate achieving the highest management performance for two consecutive years, 200,000 KRW in traditional market gift certificates, and 5 shares of stock as a separate agreement related to the conclusion of wage negotiations.

Additionally, to celebrate the global cumulative sales milestone of 100 million units, a quality improvement incentive of 5 million KRW and 20 shares of stock will be paid around September.

Compared to last year's final agreement, the base pay has increased by 1,000 KRW, the performance bonus by 500,000 KRW, and the separate incentive by 100% plus 3.8 million KRW.

Following the tentative agreement, the partial strike that the union had announced for the 10th and 11th has been postponed. Hyundai Motor Company's union will conduct a vote among all members on the 12th. If the tentative agreement is approved in the vote, this year's wage negotiations will be fully concluded.

Representatives of labor and management at Hyundai Motor Company are holding the 2024 wage negotiation introductory meeting on the 23rd in the companion room of the Ulsan plant main building.
[Photo by Hyundai Motor Company]