Wage talks resume at Hyundai after landmark strike

The union representing workers at South Korean automaker Hyundai Motor said it had resumed wage talks with management on Monday, following the company's first full-day strike in a decade. The action at the country's largest carmaker on Friday saw around 40,000 employees walk off the job, according to union figures, after discussions over pay and retirement broke down.

The resumption of talks was reported by multiple outlets, which noted that the strike has occurred against a backdrop of concerns over job security as artificial intelligence transforms South Korea's automotive industry, a pillar of the Asian nation's economy.

Negotiations and ongoing actions

A union representative confirmed to AFP that talks with management would restart at 2:00 pm on Monday. A planned four-hour walkout that day was scrapped, but a strike slated for Tuesday may still take place, the representative said. "We will decide whether to stage a partial strike tomorrow depending on the outcome of today's negotiations," they were quoted as saying.

The union has demanded a 149,000-won ($108) increase in the basic monthly salary, a 50 percent increase in bonuses, and a hike in the retirement age. Workers have staged a total of 60 hours of strikes this year, causing estimated losses of around $1.6 billion, according to calculations by local news agency Newsis.

Company response and financial context

Hyundai Motor told AFP that it could not "accept the union's demands" without a solid legal or rational basis. The company's stance comes despite reporting record second-quarter revenue of 49.2 trillion won, although operating profit fell 20.8 percent year-on-year amid weaker sales.