Hyundai Motor labor union declares wage talks deadlocked, moves toward strike
Hyundai Motor’s labor union 6month 12day declared wage negotiations deadlocked and entered the process leading to a strike. Labor unions at steelmakers including POSCO and Hyundai Steel are at a similar stage, potentially affecting the supply of finished vehicles and steel.
Hyundai Motor’s labor union 6month 12day declared this year’s wage negotiations deadlocked and entered the process leading to a strike. Investors are watching the matter because the declaration could directly affect plant operations and parts supply.
The union presented an “N% performance bonus” as a demand before declaring the talks deadlocked, citing difficulties in negotiations. The union is conducting a vote on whether to engage in industrial action and procedures to secure the right to strike.
Labor unions at steelmakers including POSCO and Hyundai Steel have also entered the phase of wage negotiations and securing the right to strike. Progress in the industrial action procedures in the steel industry could affect the raw-material supply process.
Companies are reportedly preparing emergency response measures in anticipation of labor disputes. The deployment of replacement workers, production reallocation, and adjustments to production schedules are under consideration.
As of now, the union's schedule for additional negotiations and the company's official position may change with each breaking-news update. Production plans and disclosure details should be checked as further disclosures and announcements from both sides are released.
Investors are advised to first check disclosures from the companies concerned and factory utilization information. Quarterly earnings and short-term share-price movements may be affected by a labor-management agreement or an escalation of the dispute.
Sources: 매일경제 산업
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