The logo of Hyundai Motors is seen on a steering wheel of a all-new Sonata sedan on display at the company's headquarters in Seoul. Photo: Reuters
Hyundai Motor India Limited (HMIL) on Monday announced the completion of its long term wage settlement with the company's recognised union, the UUHE (United Union of Hyundai Employees).
The three year wage settlement will be implemented with retrospective effect from April 2018 and will remain effective until March 2021, said the company. The settlement agreement is only for direct employees.
As per the agreement, the technicians will receive an average salary increase of Rs 25,200 per month spread over three years.
Technicians will receive 55 percent of the increased salary in the first year, 25 percent in the second year and 20 percent in the third year.
This would mean a monthly salary raise of Rs 13,860 will be given in the first year, Rs 6,300 in the second year and Rs. 5,040 a month in the third year.
Hyundai Motor's forms a critical part of Hyundai Motor Corporation’s global export hub. It currently exports to around 91 countries across Africa, Middle East, Latin America and Asia Pacific.