Hyundai's labor union seeks 30% of profit as bonuses
What's the story
Hyundai Motor Group's labor union in South Korea has made a major demand for a performance bonus. The union is asking for 30% of last year's net profit, which would be over three trillion won. The demand comes after the company reported a massive net profit of 10.36 trillion won ($7.06 billion) last year.
Additional requests
Other financial demands
Along with the profit-sharing demand, the labor union is also asking for a monthly base salary hike of 149,600 won. They want standard bonuses to be raised from 750% to 800% of base pay. These financial demands are coupled with structural requests about job security amid technological advancements in manufacturing processes and future workforce planning.
Demand
Retirement age extension demanded
The labor union has asked for the bonuses based on last year's net profit to be evenly distributed among employees of Hyundai Motor's partner firms. Along with this, they are demanding an extension of the retirement age of employees up to 65 years, and also a promise for more hiring.