ULSAN < invest Korea

According to Yonhap News,

(SEOUL=Yonhap News) Unionized workers at Hyundai Motor Co., South Korea's largest carmaker, approved this year's wage agreement that outlines a monthly pay hike of 98,000 won (US$92.1) as well as a provision to resolve the prickly standard wage issue through dialogue.

Of the 43,665 union workers who cast their ballots, 22,499, or 51.53 percent, approved the agreement reached with management earlier in the week, while 20,990 disapproved and 176 votes were ruled invalid.

The move marks the fourth time this year that a South Korean carmaker has settled a wage issue and collective bargaining agreements (CBA) without engaging in serious walkouts that could hurt companies already struggling with unfavorable exchange rates and disadvantages vis-a-vis Japanese rivals.

yonngong@yna.co.kr

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Source Text

Source: Yonhap News (October. 01, 2014)