South Korea's Hyundai Motor Union launches first all-day strike in 10 years

(Central News Agency, Seoul, comprehensive foreign news report on the 21st) South Korea's Hyundai Motor union launched its first all-day strike in 10 years today after long-term negotiations with management on wages and retirement ages broke down.

Agence France-Presse reported that the union estimated that about 40,000 employees participated in the strike, including office workers. Prior to this, Hyundai Motor workers held a three-day partial strike last month.

Trade union officials pointed out that in view of the company's solid financial position, demands for a 50% increase in bonuses and a two-year extension of the retirement age are reasonable demands.

"The company's retained earnings last year amounted to 101 trillion won ($73 billion), so it is not excessive to ask for a 50% increase in bonuses," the union said in a statement provided to AFP today.

The union statement said: "Delaying the retirement age by two years will increase the annual additional cost by approximately 180 billion won." The statement pointed out: "Hyundai Motor's annual net profit is 13 trillion won, and there is no reason why it cannot bear this cost."

Hyundai Motor told AFP it was "unable to accept the union's demands" without a solid legal or rational basis.

The union stated that workers on the morning shift that started at 6:45 a.m. today did not show up for work, and workers on the shift that started at 3:30 p.m. were also told to stay home.

Hyundai Motor's factories in Ulsan, Jeonju and Asan are expected to halt production due to the all-day strike.