Good news for Hyundai India employees. The company has signed a 3-year deal (effective from April 1, 2024, to March 31, 2027) with the workers’ union to give a big salary hike of INR 31,000 per month. The deal also continued health and wellness benefits. The agreement applies to about 2,000 employees. Notably, this is one of the best deals in terms of pay in India’s auto industry. Here’s a full breakdown of the salary details. Learn more.
Salary Increase
The employees will get a total salary hike of INR 31,000 per month over these 3 years. However, the salary hike will not be all at once. It will be in three ratios:
- 55% in the first year
- 25% in the second year
- 20% in the third year
Here, the employee would get a big chunk of the hike in the first year only. Hyundai itself is calling this move the “industry-best” hike and that it is setting a new benchmark in the auto industry.
Employee Welfare
The salary hike isn’t the only aspect in the deal; Hyundai has also promised to continue giving:
- Top-class health insurance for its employees.
- Advanced wellness programs (which include health, fitness, and well-being).
About the Union (UUHE)
Since 2011, the United Union of Hyundai Employees (UUHE) has been the official union of Hyundai India’s workforce.
The union comprises 1,981 employees, and about 90% of them are technicians and workmen at Hyundai’s Indian operations.
According to Hyundai, It Believes That:
- Its employees are a very crucial part of Hyundai’s success.
- The deal is signed with trust, respect, and dialogue.
- It represents Hyundai’s efforts to create a progressive workplace culture for its employees.
- The more it cares, the better the company will grow in the long term.
“Our people are the cornerstone of our success. This agreement, built on mutual trust, respect, and constructive dialogue, reflects our shared commitment to fostering a progressive workplace culture that prioritises employee welfare and supports long-term organisational growth,” said Mr Youngmyung Park, Function Head (People Strategy) at HMIL.
Effects of the Deal on Hyundai Motor Stock
Just after the deal hit the news, the Hyundai Motor India shares rose 2% to INR 2,659.90. It’s a new 52-week high for the company.