Hyundai Heavy reports deal with union

DECEMBER 31, 2014 — South Korea’s Hyundai Heavy Industries (HHI), the world’s largest shipbuilder, reports that its management and labor union have concluded their negotiation on the wage and collective bargaining agreement for the year 2014. 

According to the tentative agreement, HHI employees would receive a basic pay of 37,000 won, a 2 percent increase; a one-off bonus of two million won plus company shares equal to 150 percent of their pay; 10,000 won increase in their “job environment allowance”; 200,000 won gift card; 700% bonus as included in their ordinary wage and a special leave on February 23, 2015 [10,000 won is worth about $9]. 

The tentative agreement will take effect subject to a vote at the General Assembly of the labor union vote scheduled for early January next year.  

The Korea Times notes that the two parties have engaged in negotiations more than 70 times since May. The union has conducted four partial strikes since November 27, the first time in some 20 years.