On Friday, Hyundai Motor workers staged a full-scale one-day strike for the first time since 2016, continuing to press for pay rises and job security guarantees against the backdrop of new technologies being introduced into production.
Work at Hyundai Motor and Kia plants came to a complete standstill as part of the action involving tens of thousands of trade union members, some of whom also gathered for a rally in Seoul, reports The Wall Street Journal.
Employees of the South Korean car manufacturer had previously staged a series of partial strikes, walking off the job a few hours before the end of their shifts. These protests are set to continue next week.
The company itself has not commented on the impact of the strikes, whilst the Yonhap news agency estimates the resulting losses at over 2.3 trillion won ($1.65 billion).
“The protests may affect our customers, partners and the company’s operations. We are at a critical juncture where both sides must work together to successfully bring about the global transition to the mobility of the future. Hyundai remains committed to finding solutions through dialogue,” a Hyundai statement said.
Company representatives and union leaders have not provided details regarding the current status of the negotiations or the positions of the parties.
The trade union is seeking an increase in basic wages and bonuses, as well as a rise in the mandatory retirement age to at least 65 from the current 60. Employees are also concerned about the company’s plans to introduce robots and artificial intelligence, and are demanding guarantees that their jobs will be safeguarded.
Hyundai Motor’s share price fell by 0.6 per cent at the close of trading on Friday. Since the start of this year, it has risen by almost 40 per cent.