Hyundai, S Korean union agree to freeze wages for the first time in 11 years

The deal between Hyundai and its South Korean union is subject to a vote by union members on September 25.
By : Reuters
| Updated on: 21 Sep 2020, 06:09 PM
File Photo: The logo of Hyundai Motors is seen on a steering wheel of a all-new Sonata sedan.
File Photo: The logo of Hyundai Motors is seen on a steering wheel of a all-new Sonata sedan.
File Photo: The logo of Hyundai Motors is seen on a steering wheel of a all-new Sonata sedan.
File Photo: The logo of Hyundai Motors is seen on a steering wheel of a all-new Sonata sedan.

Hyundai Motor and its South Korean union reached a tentative deal to freeze wages for the first time in 11 years this year, an internal message distributed to union members showed on Monday.

The deal is subject to a vote by union members on September 25.

(Also read: Paltry demand forces Hyundai Venue to drop manual transmission in this market)

South Korea's Hyundai, which together with sister company Kia Motors, is the world's fifth-largest automaker, said its global retail sales fell 33% in the second quarter, and flagged that the pace of recovery will be slow due to the impact of the coronavirus pandemic.

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First Published Date: 21 Sep 2020, 06:09 PM IST
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