Hyundai Motor's South Korea trade union aims to resume annual wage talks

SEOUL : The union that represents Hyundai Motor Co's South Korean workers said on Tuesday it plans to resume a week of wage talks with management on Wednesday, staving off any immediate prospect of a walkout in a protracted industrial dispute.

The union last week voted for a possible strike over demands for higher wages amid a surge in the cost of living and anger at what it said was management prioritising overseas investment. Hyundai Motor's Co-chief executive officer Lee Dong Seock on Monday urged smooth negotiations to cope with the risks the company faces, such as COVID-19, chip shortage and geopolitical issues.

The union is seeking a minimum basic monthly pay increase of 165,200 won and a performance bonus equivalent to 30 per cent of Hyundai's 2022 net profit, as soaring inflation cuts into workers' wages.

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