Interest in Hyundai Motor's Salary Ahead of Labor Negotiations
'Hyundai Motor 2024 Salary Table' Spreads
Official: "Not True... Salaries Are All Different"
Labor and management at Hyundai Motor Company (Hyundai Motor) reached a tentative agreement on wage negotiations on the 8th, featuring the largest wage increase in history. Meanwhile, on social networking services (SNS) and online communities, a 'salary table' summarizing the annual salaries Hyundai Motor employees will receive is spreading.
On the 10th, a post titled 'Hyundai Motor 2024 Salary Table' was uploaded on an online community. This community is only open to current employees. The post contained details about the amount of increase if the wage negotiations are finalized, but it has since been deleted.
Looking at the salary by years of service, a first-year staff member's contract salary rises from 50.4 million KRW to 52.51 million KRW. Adding a performance bonus of 38 million KRW and welfare points plus holiday allowance of 4 million KRW, the total comes to 94.51 million KRW. A first-year assistant manager's 2024 contract salary is 60.51 million KRW, and with a performance bonus of 40 million KRW, the annual salary exceeds 100 million KRW. Including welfare points and other benefits, the total reaches approximately 104 million KRW. A first-year manager's 2024 contract salary is 84.46 million KRW, with a performance bonus of 52 million KRW. Adding welfare benefits, the total exceeds 140 million KRW.
The '2024 Hyundai Motor Company Salary Table' that became a hot topic on online communities. [Photo by Online Community]
According to data released by the National Tax Service, the average annual salary of Korean workers in 2023 was 42.14 million KRW. By age group, early 20s (20?24 years old) workers starting their careers earn 29.94 million KRW, late 20s (25?29 years old) earn 36.78 million KRW, early 30s (30?34 years old) with some experience earn 44.59 million KRW, and late 30s (35?39 years old) earn an average of 52.56 million KRW.
Hyundai Motor's first-year staff salary (contract + welfare) approaches 100 million KRW. This amount is over 40 million KRW higher than the average salary of early 50s (50?54 years old), which is the highest at 60.08 million KRW. Netizens responded with comments such as, "These days, junior lawyers earn 35 to 50 million KRW after tax, but Hyundai Motor, which guarantees leaving work on time, is better than professional jobs," "Residents earn just under 4 million KRW per month, but they make more than doctors," and "Seriously, joining Hyundai Motor is the answer." A netizen A, who claimed to be working at Hyundai Motor, said, "Working from home twice a week is also possible," drawing envy.
In response, a Hyundai Motor official told Chosun.com that the information is not true. He said, "We do not have the concepts of staff, assistant manager, or manager. Currently, there are only managers and senior managers," adding, "Salaries vary depending on various job categories within the company, and from senior manager level, salaries are performance-based, so they differ according to individual performance. It is difficult to summarize salaries with a single table." According to the official, Hyundai Motor has simplified its previous general job grade system into four levels from G1 to G4 since 2019. Levels 1 and 2 correspond to managers, and levels 3 and 4 correspond to senior managers.
The official added, "Hyundai Motor is a company where the proportion of performance bonuses is large compared to contract salaries, so it can be considered as part of the salary," and "Bonuses are not paid all at once but in installments." He continued, "Around the time of annual wage negotiations, tables processed based on information posted on employment-related sites circulate, but few employees know their exact salary increase amount," expressing concern.
Meanwhile, Hyundai Motor announced that it will hire 1,100 production (technical) workers, nicknamed 'Kingsan-jik' (a neologism meaning 'king of production workers'), by 2026. Hyundai Motor's production workers receive the highest level of treatment and welfare benefits among domestic large corporations' production workers, making the positions highly popular among job seekers. With a high average salary, guaranteed retirement at age 60, and welfare benefits such as up to 30% discount on new car purchases, a large number of applicants are expected.
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