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South Korea: Hyundai enters new talks after weekend worker boycott

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South Korea: Hyundai enters new talks after weekend worker boycott

Officials from the automaker’s management team are scheduled to meet with the employees’ union to resolve the differences over salaries after the weekend shift was lost to a strike.

According to Hwang Ki Tae, the spokesman for the workers’ union, executives of the company will have a two days round of negotiations starting today. The employees are dissatisfied because the management has not accepted to include bonuses into the base salary. So far, the automaker has remained mum on what it plans to offer to its workers.

“The union will decide what action it will take next, following the talks,” said Hwang.

The union has started to boycott the carmaker’s production with a partial strike on August 22 and with workers not reporting for duty during the extra shifts. The employees of the largest South Korean automaker decided to stage a partial action – they will report as usual during their regular eight-hour shifts, but as long as the wage talks continue, they will skip any additional shifts.

The walkout on August 23 has been reported to produce damages in lost sales of 70 billion won ($69 million), according to Yonhap News, which cited a company official under condition of anonymity. According to Lee Jin Woo, a Seoul-based fund manager at KTB Asset Management, the strike could have a “negative impact on investor sentiment.”

Via Bloomberg

by Aurel Niculescu (my Google+) - Monday, August 25th, 2014 - filed under Hyundai, Industry, News. Image credit: .
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