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Hyundai Motor Co Plans Strikes For August 28, 2012 To August 30, 2012-DJ


Monday, 27 Aug 2012 03:11am EDT 

Dow Jones reported that Hyundai Motor Co plan to go on strike for three days this week, the labor union said on August 27, 2012, increasing the pressure on the Company in a continuing dispute over wages and working conditions. The strikes, planned for August 28, 2012 through August 30, 2012, will add to the lost production at Hyundai's plants that already totals 70,627 vehicles valued at 1.467 trillion won ($1.3 billion) as a result of strikes organized by the union since July 13. The Company has offered a basic salary increase of KRW95,000, performance-based bonuses equivalent to three-and-a-half months of salary and a lump sum payment of KRW9 million to each worker to settle the dispute. But the union has rejected the offer as it is also demanding an end to night shifts and wants job security for the 13,000-strong subcontracted workers at Hyundai's domestic plants. Hyundai has said it would give a permanent job position to about 3,000 of the subcontracted workers by 2015. 

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