On the 10th, the Hyundai Steel union announced that it will conduct a membership vote on the wage and collective bargaining agreement preliminary agreement reached by the labor and management until the 13th.
According to the steel industry on the 11th, Hyundai Steel and the union reached a preliminary agreement for the 2024 wage and collective bargaining agreement, which includes a wage increase of 101,000 won and a performance bonus of 'basic pay 450% + 10.5 million won,’ totaling an average of 27 million won. If the agreement receives a majority in the membership vote, it will be finalized seven months after the negotiations began in September of last year.
Hyundai Steel and the union prepared the agreement after 17 rounds of negotiations that began in September of last year. The preliminary agreement is 1,000 won more for the wage and 500,000 won more for the performance bonus than the company's proposal (wage increase of 100,000 won, performance bonus of 'basic pay 450% + 1 million won'). Meanwhile, the union has repeatedly gone on strike demanding a wage increase to the level of Hyundai Motor at 40 million won (basic pay 500% + 1.8 million won). Hyundai Steel declared an emergency management situation last month and implemented a company-wide voluntary retirement program.