SEOUL — Hyundai Motor’s South Korean labor union approved a tentative wage agreement with the automaker, bringing an end to this year’s pay negotiations after weeks of strikes and talks.
Some 61.55 percent of participating union members voted in favor of the agreement, Hyundai Motor said on Tuesday.
“Both parties recognize that advanced technologies such as AI (artificial intelligence) and robotics are essential to the future of mobility,” Hyundai said in a statement.
The union initially demanded for a raise in bonuses to 800 percent of the monthly base salary from 750 percent, and demanded guarantees to protect jobs from AI and automation.
Another demand is raising the mandatory retirement age, which is in line with President Lee Jae-myung’s pledge to gradually increase the limit in one of the world’s fastest-aging countries.
The agreement reached included a base salary increase of 4.1 percent plus a performance bonus equivalent to 400 percent of base pay and additional payouts in cash and bonuses. The two sides also agreed to hold further discussions on matters related to employment when it comes to rolling out new businesses.
