Hyundai Motor Co's unionized workers in South Korea voted on Monday to accept the lowest bonus offered in nearly two decades amid widespread ...
SEOUL: Hyundai Motor Co's unionized workers in South Korea voted on Monday to accept the lowest bonus offered in nearly two decades amid widespread restructuring in the auto industry and a damaging trade dispute with Japan.
The deal came with tightened export curbs by Japan threatening to damage Asia's fourth-biggest economy, weighing on an auto industry already struggling with production cuts and job losses in the face of a slowdown in exports to the United States, Europe and other countries. In a statement issued after the vote results came out, union leaders thanked members for supporting their decision to hold off from staging a strike"considering a U.S.-China trade war, a Korea-Japan economic war and the auto industry's downturn".Fifty-six percent of Hyundai workers who cast ballots approved the deal, which includes a bonus equivalent to one and a half months' salary plus 3 million won - totaling the lowest bonus payment since 2000, union officials said.
The deal will help Hyundai avert production losses in South Korea, at a time when Hyundai is expected to bounce back from six consecutive years' of profit decline, driven by favorable currency exchange and new sport-utility vehicles .
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Japan 'to set up police unit' for disputed islandsJapan will launch a special police unit equipped with submachine guns and helicopters to patrol disputed isles in the East China Sea -- a source ...
Read more »
Japan 'to set up police unit' for disputed islandsJapan will launch a special police unit equipped with submachine guns and helicopters to patrol disputed isles in the East China Sea -- a source of tension between Tokyo and Beijing, according to police and media. The National Police Agency said it had put in a budget request for an additional 159 officers
Read more »
Russian court orders seizure of stake in bank in dispute with Baring VostokA court in Russia's Far East ordered the seizure of a stake in Vostochny Bank held by private equity group Baring Vostok at Vostochny Bank's own ...
Read more »
Work uniform with built-in cooling fan also popular as casual wear in JapanTOKYO (THE YOMIURI SHIMBUN/ASIA NEWS NETWORK) - A jacket with a built-in cooling fan in the back has become a must for workers engaging in physical labour in Japan's scorching summer.. Read more at straitstimes.com.
Read more »
Japan's curbs on high-tech materials exports to South Korea could backfire: SuppliersTOKYO: Japan's curbs on exports of high-tech materials to South Korea could backfire in the long run, eroding its dominance over a key link in the ...
Read more »
Japan exhibition defends pulling 'comfort woman' statue, opponents decry censorshipTOKYO: Organisers of a Japanese art exhibition who withdrew a statue symbolising 'comfort women' defended their decision on Monday (Sep 2) as ...
Read more »