Hyundai Motor Co. Ltd.005380
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Tentative wage deal ends strike, reducing production losses and providing labor stability.
Impact on stocks 1
Electrification & Mobility
Hyundai Motor Co. Ltd.Hyundai Motor and its labor union have reached a tentative agreement on wages and bonuses following a rare full-day strike. The deal includes a 100,000 won increase in basic monthly salary and a bonus equivalent to four months' pay, with the company also agreeing to raise the retirement age once government legislation extends it from 60 to 65. Hyundai will not apply the wage peak system after the retirement age is extended. Union members will vote on the proposals on August 31. The strike involved around 40,000 workers and caused estimated losses of about $1.6 billion.
Hyundai Motor Co. Ltd.Tentative wage deal ends strike, reducing production losses and providing labor stability.