Hyundai Motor's labor and management held a preliminary negotiation meeting on the 18th at the Ulsan plant to discuss this year's wage increase and retirement age extension.
The preliminary meeting was attended by around 70 labor and management negotiation representatives, including Lee Dong-seock, CEO of Hyundai Motor, Seo Ssangyong, vice chairman of the National Metal Workers' Union, and Mun Yong-moon, head of the Hyundai Motor Union branch.
Earlier, the union submitted a proposal to the company that included an increase in the monthly base salary of 141,300 won (excluding seniority increase, according to the metal union's guidelines), a performance bonus of 30% of last year's net profit, inclusion of various allowances in the ordinary wage, and increases or the establishment of allowances based on job category and duties.
The union is also planning to demand an extension of the retirement age from the current 60 years to the end of the year before the start of national pension payments (up to 64 years), the introduction of a 4.5-day work week (with a 4-hour work reduction on Fridays), and an increase in the bonus from 750% of the current ordinary wage to 900% during this year's negotiations.
Hyundai Motor's labor and management have reached agreements on wage negotiations for six consecutive years without strikes from 2019 to last year. This year, factors such as the impact of U.S. tariff imposition on exports, sluggish global electric vehicle demand, and the upcoming union leadership elections at the end of the year are expected to affect the negotiations. The next negotiations are scheduled to take place next week.