South Korean Auto Unions Gearing Up For Strike

More than 70 percent of Hyundai's 45,000 strong worker's guild voted in favor of job actions, including a walkout planned for Friday. The guild is building up towards Hyundai's first labor strike since 2008, as they seek better wages and reduced hours. A report by Bloomberg lists the demands of Hyundai and Kia workers (who are also participating in the job action) as a 151,696 won [$131] increase in monthly base pay [salary is around $39,000 for the average worker] and that the companies return 30 percent of net income to employees as bonuses…other demands include switching Hyundai Motor's plants to two eight-hour shifts from the current double 12-hour rotation system… Hyundai's last strike in 2008 lasted 12 days and cost the company approximately 44,645 vehicles. The expanded overseas manufacturing presence of both Hyundai and Kia should help mitigate some of the damage, but a strike will still have negative effects on the steady sales growth of the two brands. While South Korean production only accounts for 46 percent of total production (down from 60 percent in 2008), overseas plants are operating at near full capacity, leaving little breathing room. from The Truth About Cars http://www.thetruthaboutcars.com

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