Hyundai Motor Co's unionized workers in South Korea voted on Mo...
) unionized workers in South Korea voted on Monday to accept the lowest bonus offered in nearly two decades amid widespread restructuring in the auto industry and a damaging trade dispute with Japan.
Hyundai’s South Korean workers, who have staged strikes in all but four years since the union was created in 1987, had drawn media and public criticism for threatening to walk out despite their relatively high annual wage of 92 million won on average as of 2018, plus benefits and job security. In a statement issued after the vote results came out, union leaders thanked members for supporting their decision to hold off from staging a strike “considering a U.S.-China trade war, a Korea-Japan economic war and the auto industry’s downturn”.
The deal will help Hyundai avert production losses in South Korea, at a time when Hyundai is expected to bounce back from six consecutive years’ of profit decline, driven by favorable currency exchange and new sport-utility vehicles .
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