Seoul, June 24: Unionised workers of South Korea's leading automaker Hyundai Motor on Monday overwhelmingly voted in favour of staging a strike following the collapse of annual wage negotiations between management and the union.

Earlier this month, the union decided to call off further negotiations after holding the eighth round of wage talks at the company's plant in Ulsan, around 300 km from Seoul, Yonhap News Agency reported. Monday's vote was conducted at the Ulsan plant. According to the union, 89.97 per cent of a total of 41,461 votes cast were in favour of a strike. If executed, the walkout would be the first for the company in six years. Hero MotoCorp To Hike Prices of Select Motorcycles and Scooters by up to Rs 1,500 Effective From July 1.

Hyundai Motor's union has not carried out a strike in the last five years, taking into consideration various factors, such as the Covid-19 pandemic and national trade issues. The union plans to discuss whether and when to carry out the strike in a future meeting. It will also continue to hold working-level negotiations with the management. BIS Introduces Two New Standards To Boost Safety and Quality of EVs; Check Details.

The management has reportedly offered to provide a basic monthly salary increase of 101,000 won ($73.50) and an additional bonus package, which includes an incentive of 350 per cent of an individual's monthly salary, as well as the issuance of 20 shares of company stock. The company also offered to create a joint management-union fund to be used for donations and other public outreach programmes.

(The above story first appeared on LatestLY on Jun 24, 2024 06:05 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).