India’s second largest car maker Hyundai Motor India on Wednesday announced the successful completion of its long-term wage settlement with their recognised union, the UUHE (United Union of Hyundai Employees). The three-year wage settlement will be implemented with retrospective effect from April 2015 and will remain effective until March 2018. The previous wage deal took place in 2012 during Diwali time, the company said.
As per the fresh agreement, technicians will receive an average salary increase of R19,000 per month spread over three years. Technicians will receive 50% of the increased salary in the first year and 25% each in the remaining two years. This would mean a salary raise of R9,500 a month will be given in the first year and R4,750 a month in the second and third year, respectively.