Hyundai Motor’s union in South Korea votes to strike By Reuters

SEOUL (Reuters) -Hyundai Motor’s unionised workers in South Korea voted for possible strike action after talks with the company over wage increases and an extension of the retirement age stalled, the automaker’s union said on Monday.

The union, one of the biggest in the country with more than 43,000 members, said that almost 90% of its members had approved strike action unless the company accepts the union’s demands.

A strike would mark the first such action in six years related to wage negotiations at the South Korean carmaker and could disrupt production of some popular vehicles at home, which Hyundai has been exporting to offset its sluggish domestic sales.

The union is seeking a minimum basic monthly pay increase of 159,000 won ($114.57) and performance pay equating to 30% of Hyundai’s 2023 net profit. It is also demanding an increase to the retirement age to 64 from 60.

A Hyundai Motor (OTC:) representiative was not immediately available for comment.

($1 = 1,387.8400 won)