The labor and management of Hyundai Motor Company, who sympathized with the corona crisis, froze wages after 11 years.

As a result of voting for and against the provisional agreement this year for all members (49,598), the Hyundai Motors labor union voted 4,460 (89.6%) votes, and 2,479 (52.8%) voted in favor. It was announced today (26th) that it was approved.

The provisional agreement includes the payment of 150% incentive pay, 1.2 million won in encouragement for overcoming the corona crisis, 10 shares of employee stocks, and 200,000 won for traditional market gift certificates to revitalize the local economy.

It has been 11 years since the labor and management of Hyundai Motor Company freeze wages, and this is the third time in history following the foreign exchange crisis in 1998 and the global financial crisis in 2009.

The labor and management started negotiations on the 13th of last month, which was later than usual due to the aftermath of Corona 19, but pulled out a provisional agreement in 40 days, the second shortest ever.

Before negotiations, the union directly or indirectly expressed its focus on job security rather than wage increases through newsletters.

In fact, in this year's negotiations, the labor and management agreed to maintain the domestic factory production volume of 1.74 million units per year despite changes in the future environment such as the Fourth Industrial Revolution.

In addition, in consideration of the electric vehicle market in the future, we decided to discuss the designation of a factory dedicated to electric vehicles, and provide job change training in areas with a high risk of employment reduction.

Internally, the labor and management agreed on the change of the'senior entrustment system', which was highly rebelled by members.

Among the retired retirees, the company pays wages for new employees and hires them as a one-year short-term contract, and most of them were dissatisfied because they were assigned to a job group other than the job group they had previously worked for.

In this year's negotiations, the management reflected this and summarized the assignment of senior recruitment to the existing shift group.

A company official said, "Based on the approval of this provisional agreement, labor and management will focus on overcoming the auto industry crisis caused by Corona 19, and to achieve shared survival with partners."

The union said, "In consideration of various circumstances at home and abroad, the union members seem to have given a vote in favor of keeping the job even though they have some regrets," and said, "I will fill in the insufficient part in negotiations next year."

The signing ceremony is scheduled to be held on Monday the 28th.

(Photo = Courtesy of Hyundai Motor Company, Yonhap News)