[Alpha Biz= Reporter Kim Sangjin] HD Hyundai Heavy Industries and its labor union have reached a tentative agreement on this year’s wage and collective bargaining agreement (CBA). The agreement includes a basic wage increase of 129,000 won.

The agreement was reached during the 30th round of negotiations held today (6th) at the company’s headquarters in Ulsan.

Key provisions of the tentative agreement include:

- A basic wage increase of 129,000 won, including a 35,000 won increase for seniority advancement.
- A 4.5 million won bonus (including a 500,000 won gift voucher).
- A 200,000 won increase in travel allowances for the Lunar New Year and Chuseok holidays.
 

Performance bonuses will be paid based on existing standards, with discussions on potential changes to the criteria set for later negotiations.
This tentative agreement was reached 155 days after the initial meeting on June 4.

The union will hold a vote for all members on the tentative agreement on the 8th. If more than half of the members approve, the negotiations for this year’s wage and CBA will be officially concluded.

 

 

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