Includes 300% Performance Bonus and 5 Million Won
Hyundai Steel's management and labor union have reached a tentative agreement on the 2025 wage and collective bargaining agreement, which includes an 80,000 won increase in base salary.
On October 30, Hyundai Steel's management and labor union announced that they had reached a tentative agreement after conducting wage and collective bargaining negotiations. The agreement includes an 80,000 won increase in base salary, a performance bonus of 300%, an additional 5 million won, and a 200,000 won gift certificate.
Workers are moving at Hyundai Steel's Incheon Plant in Dong-gu, Incheon. Photo by Yonhap News Agency
On September 2, Hyundai Steel initially proposed a performance bonus of 100% plus 2 million won. After about a month of negotiations, both sides reached this tentative agreement. This is considered a faster resolution compared to previous years.
Previously, during last year's wage and collective bargaining negotiations, Hyundai Steel's management and labor union had significant differences, resulting in repeated strikes and lockouts over a seven-month period. In 2023, it also took six months to reach a tentative agreement due to labor-management conflicts.
A Hyundai Steel representative stated, "Both management and labor recognized the challenges in the business environment and made mutual concessions to reach this tentative agreement."
The union plans to hold a vote among its members next week to ratify the tentative agreement. If a majority of union members approve, the wage and collective bargaining agreement will be finalized.
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
