Ulsan Chamber of Commerce and Industry welcomes HD Hyundai Heavy Industries’ labor-management wage agreement provisional agreement

(Ulsan = Yonhap News) Reporter Heo Gwang-moo = Regarding the provisional agreement between labor and management of HD Hyundai Heavy Industries on this year's wage and collective agreement on the 30th, the Ulsan Chamber of Commerce and Industry said, "On behalf of the local business community, we welcome the preparation of a provisional agreement after much pains."

In a welcome statement released on this day, the Ulsan Chamber of Commerce and Industry said, "This provisional agreement is the result of difficult negotiations after months of negotiations with labor and management coordinating each other's positions. We hope that the agreement reached through dialogue and concessions will lead to a final conclusion and that labor-management relations will stabilize as soon as possible."

He continued, “Currently, our shipbuilding industry is facing an important opportunity to overcome a long recession and leap forward again based on increased orders and improved performance,” and added, “In order to continue the current recovery into sustainable growth and secure the trust of global ordering companies, stable labor-management relations must be supported.”

The Ulsan Chamber of Commerce and Industry said, “HD Hyundai Heavy Industries is a representative company headquartered in Ulsan and a key axis driving the local economy,” and added, “The company’s management and production activities are closely connected not only with numerous partners and workers, but also with the Ulsan Dong-gu commercial district and local economy, and further with the competitiveness of the Korean shipbuilding industry.”

The Chamber of Commerce said, “To that extent, labor and management should go beyond immediate interests and look toward a common future where the company, workers, partners, and the community can grow together,” and added, “We hope that this agreement will become the starting point for a new labor-management cooperation and become a driving force that will lead to the resurgence of Korea’s shipbuilding industry and revitalization of Ulsan’s economy.”

On this day, the labor and management of HD Hyundai Heavy Industries prepared a provisional wage agreement that included an increase in basic salary of 120,000 won per month (including salary increase), payment of 11 million won + 200% of lump sums such as encouragement bonuses, payment of performance bonuses, expansion of baby congratulatory leave from 10 days to 20 days, and hiring of new production technicians this year.

The union plans to hold a vote for all union members on the tentative agreement on October 2nd.