KMWU secures wage increase at Hyundai

SOUTH KOREA: The Korean Metal Workers’ Union (KMWU) signed a new wage agreement with Hyundai Motor’s management on July 28, which includes a 4.87 per cent increase on base wages.

The signing ceremony was held after 58.14 per cent of the 45,000 members voted on July 23 to accept the deal. The agreement includes:

• 79,000 KRW (US$66.80) or 4.87 per cent increase in basic pay for next year
• Bonus payments of 5 million KRW and 300 per cent of the monthly salary
• 30 Hyundai Motor shares per employee

The agreement was reached in Ulsan at the company’s largest plant located 414 kilometers south of Seoul. Hyundai Motor is the largest automaker in South Korea.