HHI Concludes Wage Negotiations

Hyundai Heavy Industries (HHI), the world’s largest shipbuilder, announced that its management and labor union concluded their negotiation on the wage and collective bargaining agreement for the year 2014.

According to the tentative agreement, HHI employees would receive a basic pay of 37,000 won, a 2 percent increase; a one-off bonus of two million won plus company shares equal to 150 percent of their pay; 10,000 won increase in their “job environment allowance”; 200,000 won gift card; 700% bonus as included in their ordinary wage and a special leave on February 23, 2015.

The tentative agreement will take effect subject to a vote at the General Assembly of the labor union vote scheduled for early January next year.