The shares of Hyundai Motor India jumped 2 percent on September 17 after the automaker announced that it has signed a wage settlement agreement which includes "industry-best salary increase of Rs 31,000 per month".
The shares of the company hit a 52-week high of Rs 2,659.90 apiece, extending gains for the second consecutive session.
In an exchange filing, Hyundai Motor India announced that it has concluded and signed the "mutually beneficial wage settlement agreement" with United Union of Hyundai Employees (UUHE) for the period 2024–2027.
The Rs 31,000 per month increase will be structured over a three-year period in the ratio of 55 percent, 25 percent and 20 percent, according to the automaker. It added that it will continue to provide best-in-class health coverage and advanced wellness programs.
“At Hyundai, 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 prioritizes employee welfare and supports long-term organizational growth,” said Youngmyung Park, Function Head - People Strategy at Hyundai Motor India.
The United Union of Hyundai Employees (UUHE) is the officially recognized representative body for the workforce of Hyundai Motor India. Nearly 1,981 employees, representing 90 percent of the technician and workmen cadre of the automaker, were members of the union, as of August 31.
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