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