Tentative agreement passes with 55.06% approval
Deal includes base pay raise, lump-sum incentive payments
HD Hyundai Heavy Industries and its union finalized this year's wage negotiations Tuesday, with members voting 55.06% in favor of a second tentative agreement on wages and collective bargaining.
Of the 8,193 union members eligible to vote, 7,724 cast ballots. A total of 4,253 members, or 55.06%, voted in favor, while 3,447, or 44.63%, voted against.
Management and the union reached the agreement at their 26th round of negotiations, held Friday at the company's headquarters in Ulsan. The deal includes a base pay increase of 120,000 won ($91) — including a seniority-based raise of 55,000 won — a lump-sum incentive payment of 11.5 million won plus 200% of contracted wages, and a one-time welfare point allocation of 300,000 points for this year only.
The two sides also agreed to change the basis for calculating severance pay. Under the new arrangement, employees may choose any three consecutive months from the four months immediately preceding retirement as the reference period, replacing the previous standard of three months under the HHI (Hyundai Heavy Industries) scheme and six months under the HMD (Hyundai Mipo Dockyard) scheme.
"This wage and collective bargaining agreement marks a meaningful step in establishing a stable foundation for pay increases and performance-based compensation, while also reorganizing the collective agreement following the merger," a company official said. "We will continue to listen closely to voices from the floor and take the lead in building a vibrant and harmonious organizational culture."
cityblue@heraldcorp.com
