Hyundai Motor may experience its very first company strike in three years as its negotiation with union workers has failed. The employees are asking for better pay as well as an extension for the retirement age, but the management and the union were not able to reach an agreement.
The union’s application to stage a walkout
According to Korea Joongang Daily, it will be a big walkout if the workers decide to push it through because out of the 48,599 members of Hyundai Motor’s labor union, 73.8% have agreed to stage a strike.
Since more than 50% of the union members have approved the walkout, the group can now submit an application to the National Labor Relations Commission so they can legally organize and hold a strike. Then again, the union said that while the initial talks did not yield good results, it is still open for another talk with the management of Hyundai Motor.
The workers are also hoping that they could finish the talks before August comes, but the issue will only end if the company will finally make a reasonable offer concerning their wages. The union is asking for a pay raise of ₩99,000 plus 30% of the profits last year as incentives.
They are also expecting Hyundai Motor to grant the request to extend the retirement age from 60 to 64. The talks for these requests began in May, and they have already engaged in at least 13 rounds of negotiations, but they fail every time.
Hyundai Heavy also in conflict with the labor union
At any rate, it is not just Hyundai Motor that is dealing with labor union conflict as Hyundai Heavy Industries is also negotiating with its own union that has already staged a strike. In fact, the company has sought a court order against the workers who are occupying a shipbuilding crane.
The unionized workers occupied the crane at Hyundai Heavy’s shipyard in Ulsan, and they have been staying there since Tuesday of this week. The employees are on strike as the management can’t present an agreeable proposal that will solve the union and the company’s two-year wage dispute.
"The workers plan to go on strike until Friday, but how long the situation will go on is unclear," Kim Hyeong Gyun, the union’s director of policy planning, told Yonhap News Agency.


European Stocks Rise as Markets Await Key U.S. Inflation Data
ExxonMobil to Shut Older Singapore Steam Cracker Amid Global Petrochemical Downturn
Firelight Launches as First XRP Staking Platform on Flare, Introduces DeFi Cover Feature
Asian Markets Mixed as Fed Rate Cut Bets Grow and Japan’s Nikkei Leads Gains
Australia’s Economic Growth Slows in Q3 Despite Strong Investment Activity
YouTube Agrees to Follow Australia’s New Under-16 Social Media Ban
Asia’s IPO Market Set for Strong Growth as China and India Drive Investor Diversification
Microchip Technology Boosts Q3 Outlook on Strong Bookings Momentum
Wikipedia Pushes for AI Licensing Deals as Jimmy Wales Calls for Fair Compensation
Netflix’s Bid for Warner Bros Discovery Aims to Cut Streaming Costs and Reshape the Industry
China Urged to Prioritize Economy Over Territorial Ambitions, Says Taiwan’s President Lai
Momenta Quietly Moves Toward Hong Kong IPO Amid Rising China-U.S. Tensions
Asian Currencies Edge Higher as Markets Look to Fed Rate Cut; Rupee Steadies Near Record Lows
BOJ Governor Ueda Highlights Uncertainty Over Future Interest Rate Hikes
Visa to Move European Headquarters to London’s Canary Wharf
Asian Currencies Steady as Rupee Hits Record Low Amid Fed Rate Cut Bets
Dollar Slides to Five-Week Low as Asian Stocks Struggle and Markets Bet on Fed Rate Cut 



