Hyundai Motor, South Korean union agrees to freeze wages for the first time in 11 years By Reuters

© Reuters. The logo of Hyundai Motors is seen on a steering wheel of a all-new Sonata sedan on display at the company’s headquarters in Seoul

SEOUL (Reuters) – Hyundai Motor (KS:) 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 Sept 25.

South Korea’s Hyundai, which together with sister company Kia Motors (KS:), 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.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

You may also like...