HHI Workers Approve Wage Deal

South Korea’s shipbuilder Hyundai Heavy Industries has reached a wage agreement with its unionised workers, ending a dispute started in May 2014,  Yonhap reports.

HHI and the union representatives had previously reached a tentative agreement on December 31, but the deal was soon turned down by two thirds of the union members.

According to the new deal, a KRW 37,000 (USD 33.6) basic monthly pay increase, and a KRW 2 million (USD 1,810) special bonus remained the same as suggested in the tentative agreement, with major changes made to the wage system for junior-level employees.

The new deal was approved by close to two thirds of an estimated 15,400 union members.

Last week HHI posted a loss of USD 2 billion (KRW 2.21 trn) in 2014, as opposed to KRW 146.3 billion profit in 2013.

World Maritime News Staff