Hyundai Motor labor, management to resume wage talks Tuesday; partial strike suspended

Hyundai Motor and its union will resume this year's wage negotiations after a more than 40-day standoff, with the union agreeing to hold off on a planned partial strike to return to the bargaining table.

Both sides confirmed Friday that talks will resume Tuesday. The last session — the 15th round — was held July 8, making the gap 41 days.

The two sides had been unable to narrow their differences during working-level consultations, leaving formal negotiations stalled. The union carried out a total of 44 hours of strike action during the impasse, with estimated losses exceeding 1 trillion won ($707 million).

Hyundai Motor Chief Executive Choi Young-il visited the union office Friday to personally request that negotiations resume.

The union had planned a six-hour strike for Tuesday but agreed to suspend it in light of the resumed talks.

Working-level officials from both sides are expected to meet before Tuesday to narrow remaining differences. If the resumed negotiations fail to produce results, the union is likely to resume strike action.

The union is demanding a base pay increase of 149,600 won per month, a performance bonus equivalent to 30 percent of last year's net profit, an 800 percent increase in bonuses, an extension of the mandatory retirement age, and the reinstatement of dismissed workers.

Management's last offer, tabled at the July 8 session, included a base pay raise of 89,000 won, a performance bonus of 350 percent plus 10 million won, and 15 shares of company stock. The company has said it cannot accept the union's demands on retirement age extension and reinstatement of dismissed workers.