Hyundai workers vote for possible strike over wage and retirement age dispute

Hyundai Motor’s unionized workers in South Korea have voted in favor of possible strike action after wage increase talks and retirement age extension discussions stalled.

The union, which has over 43,000 members, reported that nearly 90% of its members approved the strike unless the company meets their demands.

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The union is demanding a minimum basic monthly pay increase of 159,000 won ($114.57) and performance pay amounting to 30% of Hyundai’s 2023 net profit. Additionally, they want the retirement age to be increased from 60 to 64.

This potential strike would be the first related to wage negotiations at Hyundai in six years. If it occurs, it could disrupt the production of popular vehicles in South Korea, which Hyundai has been exporting to counter sluggish domestic sales.