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Photo = Hyundai Motor |
[Alpha Biz= Kim Jisun] Hyundai Motor Company’s labor union has finalized its demands for the 2025 wage and collective bargaining negotiations, including a 30% profit-sharing bonus based on the company's 2024 net profit and the extension of the retirement age to a maximum of 64, the union announced on May 29.
At a special delegates’ meeting held on May 28–29 at the Hyundai Motor Culture Center in Buk-gu, Ulsan, the union confirmed its list of demands. Key proposals include a base salary increase of KRW 141,300 per month (excluding seniority-based raises), and the payment of a bonus equivalent to 30% of last year’s net profit.
Other demands include increases or new provisions for various job-specific allowances, additional hiring, and the establishment of a support center for retirees.
A major focus of this year’s negotiations is the retirement age. The union is seeking to extend the retirement age to the end of the year prior to the year in which the employee becomes eligible for a national pension—effectively raising the maximum retirement age to 64. In line with this, the union plans to propose a new milestone reward for 40 years of service, in addition to the current 35-year threshold.
The union also plans to push for granting full union membership to “rehired skilled workers”—employees who return to work on a contract basis after retiring. Currently, Hyundai offers such re-employment for up to two years (1+1 year contracts), but pays these employees entry-level wages.
Additionally, the union is demanding the implementation of a 4.5-day workweek by reducing Friday working hours by four, without any wage reductions. It also seeks to raise the annual bonus from the current 750% of base pay to 900%.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
