4 August, 2010KMWU members voted to accept wage deal that includes 4.87 per cent increase on the base salary, bonus payments and 30 Hyundai Motor shares to each worker.
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.