Sunday, June 27
Hyundai unions strike again
Unions at Hyundai Auto have started rolling strikes, with a large strike planned for Tuesday. The partial strikes started on Saturday, and will continue through Monday, when the full strike will start. The main action of the Ulsan based union is at the Ulsan Hyundai Motors plant, but the smaller plants in 3 other cities also joined the partial strike, as did the union at Hyundai Mobis, the components maker.
The demands of the union are nothing short of ridiculous- they want a 10.5% pay rise (on top of the double digit pay rise the got last year after a long strike)AND 30% of the company profit to be paid to workers as a bonus! They also want casual workers to get 80% of full time workers pay, and for 5% of NETT profits to be set aside to provide casual workers with welfare.
Unsurprisingly, management have rejected these demands, though their offer, which was very generous, was also rejected by the unions. Considering the state of the Korean economy at the moment, Hyundai's offer was great-
A pay rise.
Bonus payment of 2 months salary.
Performance bonus of 1 months salary.
In the end, the company will cave into the demands of the union, as usual, and the union will show the rest of the world why they are better off investing in China than Korea.
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The demands of the union are nothing short of ridiculous- they want a 10.5% pay rise (on top of the double digit pay rise the got last year after a long strike)AND 30% of the company profit to be paid to workers as a bonus! They also want casual workers to get 80% of full time workers pay, and for 5% of NETT profits to be set aside to provide casual workers with welfare.
Unsurprisingly, management have rejected these demands, though their offer, which was very generous, was also rejected by the unions. Considering the state of the Korean economy at the moment, Hyundai's offer was great-
A pay rise.
Bonus payment of 2 months salary.
Performance bonus of 1 months salary.
In the end, the company will cave into the demands of the union, as usual, and the union will show the rest of the world why they are better off investing in China than Korea.
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