Overview

• Monthly base pay would rise by 100,000 won for unionized workers.
• Workers would receive performance-based bonuses equal to 450% of monthly wages plus 15.8 million won in cash.
• The package also includes 30 Hyundai Motor shares per worker and 200,000 won in traditional market gift certificates.
• The agreement was reached in the 21st round of negotiations at Hyundai’s Ulsan plant following limited strikes, including the first walkout in seven years last week.
• Union members are scheduled to vote on ratification next Tuesday, with further action or talks possible if the deal is rejected.