Hyundai Motor and its labour union have arrived at a tentative wage agreement, bringing an end to a period of industrial action that had hit production at the South Korean automaker.
According to Yonhap News Agency, the breakthrough came during the 17th round of negotiations between the two parties.
Under the terms agreed, monthly base pay will rise by Won100,000 ($72.20), alongside a performance bonus worth more than 400% of monthly salary and a separate lump-sum payment of Won12.5m.
"The two sides agreed to transparently share information on new projects and their implementation processes, and jointly respond to future changes in the industry", the company was quoted as saying.
Yonhap also reported that the retirement age will be pushed back from 60 to 65, though this element of the deal depends on corresponding changes to relevant laws and regulations.
#changes #motor #korean #agency
According to Yonhap News Agency, the breakthrough came during the 17th round of negotiations between the two parties.
Under the terms agreed, monthly base pay will rise by Won100,000 ($72.20), alongside a performance bonus worth more than 400% of monthly salary and a separate lump-sum payment of Won12.5m.
"The two sides agreed to transparently share information on new projects and their implementation processes, and jointly respond to future changes in the industry", the company was quoted as saying.
Yonhap also reported that the retirement age will be pushed back from 60 to 65, though this element of the deal depends on corresponding changes to relevant laws and regulations.
#changes #motor #korean #agency
2 months ago
