HD Hyundai Heavy Industries reaches tentative wage agreement

Labor management at HD Hyundai Heavy Industries have reached a tentative agreement for the 2024 wage and collective bargaining agreement following a 14-hour marathon negotiation session.

The agreement includes a monthly base salary increase of 120,000 KRW, which includes a step-up increase. Additionally, the deal features a lump-sum payment consisting of 11 million KRW plus 200% of the base salary, alongside performance bonuses. The company estimates that the total effect of these increases and bonuses will average approximately 40.56 million KRW per union member, an increase of about 10.61 million KRW compared to last year.

Other key provisions in the agreement include doubling maternity leave from 10 to 20 days, expanding rewards for long-term employees, and increasing retirement consolation payments for those with over 20 years of service. The parties also agreed to establish a social contribution fund and operate a joint labor-management consultative body to discuss industrial transitions and safety.

The agreement is subject to a ratification vote by union members scheduled for October 2. If a majority votes in favor, the agreement will be finalized.