Hyundai Motor’s union quickly rejects the latest management wage offer and holds its ninth round of partial strikes.
The Hyundai branch of the Korean Metal Workers Union has held partial strikes on nine days since Aug. 14, including the latest on Monday, Aug. 28.
The partial strikes, as well as weekend work refusals, have caused the company to lose production of some 39,000 vehicles, valued at approximately 800 billion won ($714 million), a Hyundai source says.
Negotiations are continuing, but the union has shown no sign of backing down from its original demand for a monthly raise of 154,883 won ($136) and bonuses equal to 30% of 2016 net income prorated among employees.
The bonus amount is substantial. Thirty percent of 2016 net income of 5.7 trillion won ($5.1 billion) spread among 50,000 workers calculates to more than $30,000 each.
Hyundai earlier this month offered a raise of 42,879 won ($38), two months’ pay and a 1 million won ($893) bonus. The union instantly rejected the offer, as it undercut their demands by two-thirds.
Hyundai last week increased its offer, which also was rejected immediately. The basic raise was kept the same but the company said it would provide bonuses equal to 2.5 months’ pay and a signing bonus of 1.5 million won ($1,340).
The union has ratcheted up the number of hours the workers plan to strike. Monday’s partial strike saw workers put down tools for four hours on each of the day and afternoon shifts.
The union has not announced its plans for additional partial strikes.
Hyundai issued a statement saying, it would continue working with the union “to resolve the issues as quickly as possible.”
