Hyundai increases workers' salaries by Rs 31000 per month | Check full details

Korean automaker Hyundai on Wednesday reached a three-year wage agreement with the workers' union in Chennai, Tamil Nadu. The package will be effective from April 1, 2024, till March 31, 2027. The company agreed with the United Union of Hyundai Employees (UUHE).

All you need to know about Hyundai's agreement

Hyundai said that the company would increase the salary by Rs 31000 per month over three years in a structured format. The company said that the salary will be increased by 55 per cent, 25 per cent, and 20 per cent over the next three years. The company calls it the best salary hike in the car manufacturing industry.

Hyundai is one of the mostsuccessful car companies in the country. Its Santro challenged the dominance of Maruti Suzuki. The company offers several cars, including i10, i20, Aura, Venue, Alcazar, and Creta.

Hyundai's agreement with the United Union of Hyundai Employees also includes employee welfare, including best-in-class health coverage and advanced wellness initiatives.

The company stated that it had finalised a "mutually beneficial wage settlement agreement for the period 2024–2027".

"Hyundai Motor India Limited [HMIL] and United Union of Hyundai Employees [UUHE], the recognized union, today announced the successful conclusion and signing of a mutually beneficial wage settlement agreement for the period 2024–2027”, the company said in a statement.

Youngmyung Park, Function Head - People Strategy, HMIL, told ET that the agreement is built on mutual trust, respect, and dialogue. It reflects the shared commitment to fostering a progressive workplace culture that prioritizes employee welfare and supports long-term organizational growth, it added.

The United Union of Hyundai Employees [UUHE] represents 1,981 employees, most of whom are of technician/workman cadre.