Hyundai Motor Korea announces strike crisis due to stalled negotiations

Hyundai Motor's South Korean union announced on fx008 ForexMonday that its members voted to possibly go on strike if the company does not meet their demands, following a deadlock in negotiations over pay raises and extending the retirement age.

The vote showed nearly 90% of the union's members are in favor of striking. Hyundai Motor's South Korean union is one of the country's largest, with over 43,000 members. The result reflects the members' dissatisfaction with the company's current proposals and their strong desire for improved wages and retirement policies.

A union spokesperson stated that they have been trying to negotiate with the company to reach an agreement acceptable to both sides. However, the company's responses have not met the union's expectations, especially on issues of wage increases and extending the retirement age, where there is significant disagreement.

Given the current economic situation, the union believes appropriate wage adjustments and improvements in retirement policies are crucial to securing employees' rights. The union also noted that Hyundai Motor has performed well in recent years and is capable of meeting the employees' reasonable demands.

A representative from Hyundai Motor stated that the company has not yet commented on the vote results or the union's statements. They mentioned that the company will continue efforts to engage in dialogue with the union to find a resolution and avoid a strike, which could impact the company's production and employees' lives.

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