The management and labor union at Hyundai Motor have agreed to a wage freeze, the first in eleven years.
The 49-thousand members of the carmaker's labor union voted on this year's temporary wage deal struck with management. Over 89 percent took part in the vote and just under 53 percent approved the deal.
The wage agreement includes a freeze on basic pay, a one-off bonus amounting to 150 percent of monthly salary, one-point-two million won in a special COVID-19 allowance, ten company shares and 200-thousand won in gift certificates that can be used at traditional markets.
This marks the third wage freeze in the automaker's history and the first in eleven years. The first two agreements were during the 1998 Asian fiscal crisis and the 2009 global financial crisis.
Labor and management held negotiations with a shared perception of the COVID-19 crisis and the need to respond to industrial paradigm changes such as the shift to eco-friendly vehicles.
This year, the labor union also pushed more for employment stability than a wage hike.
The two sides will officially sign the deal on Monday.