Strike Ends at Hyundai Transys, Executives Return Salaries Amid 'Emergency Management'

CEO and All Executives Return 20% of Salaries
Focused Collective Bargaining Underway... Prompt Conclusion of Labor-Management Negotiations

The strike by Hyundai Transys workers ended after about a month. To normalize the company, Hyundai Transys has entered an emergency management system in which all executives will return 20% of their salaries.

On the 11th, Hyundai Transys announced through the company bulletin board a "Statement on Emergency Management System," stating that it will implement an emergency management system including the return of 20% of the salaries of all executives, including the CEO.

Yeosu-dong, President of Hyundai Transys, expressed in the statement, "During the past month of factory shutdown, customers, partners, employees, and the company all suffered significant damage," adding, "Now, having suffered a serious blow to the trust of our customers, the most important growth engine, this is the greatest crisis since the company's founding."

He continued, "The management, including myself, deeply acknowledges responsibility for this grave situation and has agreed to voluntarily return 20% of executive salaries," emphasizing, "Through painstaking efforts, we will restore customer trust and protect the future, and if everyone works together with one heart, we will surely overcome this crisis."

Earlier, on the 9th, the Hyundai Transys Seosan Branch Labor Union decided to withdraw the strike that had continued since the 8th of last month and to have all union members return to work normally from that day. Hyundai Transys management welcomed the withdrawal of the strike. They plan to quickly conclude negotiations with the union and normalize factory production. A Hyundai Transys official stated, "Starting this week, we will focus on negotiations to complete the 2024 wage and collective bargaining as soon as possible."

On the 28th of last month, about 1,000 Hyundai Transys union members and others gathered for a rally at Hyundai Motor Group's headquarters in Yangjae-dong. Provided by reader