Hyundai Clinches 12% Wage Hike Deal With South Korea Union: Report

Hyundai Motor Company HYMTF has reportedly secured a wage deal with a union representing its South Korean workforce to increase annual pay by 12%.

The deal has avoided a possible strike and production losses at the company's biggest manufacturing base, according to a report by Reuters.

The union, with about 44,000 members, is one of the biggest in South Korea.

About 58.8% of the members voted to approve the wage deal. The main components of the workers’ demand included higher wages, a performance bonus and an increase in the retirement age from 60 to 64.

The company did not accept the demand for the retirement age change.

Workers of Hyundai Motor, the third largest global automaker, last went on strike in 2018.

The news of the deal comes at a time when the United Auto Workers (UAW) went on strike last week against the Detroit three automakers, General Motors Company GM, Ford Motor Company F and Stellantis N.V. STLA.

Also, Hyundai has launched a pilot program in Singapore to demonstrate an indoor/outdoor navigation solution to assist persons with visual impairment. 

The Group is partnering with SG Enable, the focal agency for disability and inclusion in Singapore, and the Singapore Association of the Visually Handicapped (SAVH) on this initiative.

Also Read: Jim Cramer Warns Ford Could Impose Lockout As UAW Strike Enters Day 4: 'Playing With Fire'

Price Action: HYMTF shares closed lower by 0.69% at $38.98 on Monday.