HD Hyundai Heavy Industries union, operating profit 30% performance bonus demand
The HD Hyundai Heavy Industries union last month 20 submitted its demands and will begin wage and collective bargaining negotiations with an initial meeting on 6 at 2. Its key demand is that at least 30% of this year's operating profit be distributed as performance bonuses.
The HD Hyundai Heavy Industries labor union will meet with management for an initial meeting on 6, beginning full-scale negotiations on wages and the collective agreement. The meeting is expected to cover the negotiation schedule and procedures. The two sides will then discuss wages and the collective agreement in formal negotiations.2The union will meet with management for an initial meeting on
Last month, the union officially submitted its demands for this year's wage and collective agreement negotiations to the company on 20. The key demand is that at least 30% of this year's operating profit be distributed fairly as performance bonuses. This is the first time since the company's founding that the union has specified a particular share of operating profit as the funding source for performance bonuses.
The demands are also said to include provisions specifying the principles for distributing performance bonuses and the scope of eligible employees. The union is reported to have said that the aim of this structure is to clarify employee compensation. Detailed coordination with the company will take place after the initial meeting.
This demand is cited as an example of a trend spreading to the shipbuilding industry, originating from the “N% of operating profit as performance bonuses” demands raised by Samsung Electronics and SK hynix. The explanation is that a percentage-based benchmark proposed in the semiconductor industry is spreading to other sectors. Similar demands have followed one another within the shipbuilding industry.
The company did not issue an official position around the initial meeting. Whether labor and management reach an agreement, and the terms of any agreement, will be determined by the outcome of formal negotiations. Updates on the negotiations and the terms of any agreement can be confirmed through official announcements by the company and the union.
Investors and relevant stakeholders should monitor the labor-management negotiation schedule, the company’s quarterly operating profit, and its cash flow disclosures. Further disclosures can be confirmed through filings issued by the company and announcements by the union. This matter could affect the company’s cost structure and disclosure items going forward.
Sources: 파이낸셜뉴스 산업
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