Hyundai Motor India, Union Sign 3-Year Wage Pact With Rs 31,000 Salary Hike
Hyundai Motor India Limited and the United Union of Hyundai Employees have signed a long-term wage settlement agreement covering the period from 2024 to 2027.
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- From: India News Bull
Chennai:
Hyundai Motor India Limited (HMIL) has finalized a three-year wage agreement with the United Union of Hyundai Employees (UUHE) that will be in effect from 2024 to 2027.
Beginning April 1, 2024, and extending through March 31, 2027, the agreement delivers what the company describes as an industry-leading monthly salary increase of Rs 31,000, distributed over three years at proportions of 55%, 25%, and 20%. According to HMIL, this enhanced compensation package establishes a new standard in the automotive sector.
Beyond the wage increase, HMIL has demonstrated its commitment to employee welfare by maintaining superior health benefits and implementing advanced wellness initiatives.
Mr Youngmyung Park, Function Head (People Strategy) at HMIL, stated, "Our people are the cornerstone of our success. This agreement, built on mutual trust, respect, and constructive dialogue, reflects our shared commitment to fostering a progressive workplace culture that prioritises employee welfare and supports long-term organisational growth."
Since becoming the official representative body for Hyundai's workforce in 2011, the UUHE now represents 1,981 employees, comprising 90% of the technician and workmen category.