HHI and labour union agree on tentative wage deal

Hyundai Heavy Industries (HHI), the world’s largest shipbuilder, has reached a tentative agreement on wages with the labour union, ending a series of ongoing partial strikes.

Under the agreement, the South Korean shipbuilder agreed to a 2% increase in basic pay to KRW37,000 ($33.9) per month, and give workers a one-off bonus of KRW2m plus company shares equivalent to 150% of their base monthly salary.

HHI also agreed to a KRW10,000 increase in the workers’ ‘job environment allowance’ as well as 700% bonus included in their ordinary wage. Other benefits include KRW200,000 in gift card and a special leave on 23 February 2015.

The deal will be subject to a vote by all the workers in early January 2015, HHI said.

According to local reports, there have been 71 rounds of labour-management negotiations since June this year to avoid a full strike by the workers.
Source: Seatrade Global