Saturday, June 28, 2008

Now Hyundai Motor Co. workers are planning to go on strike

After the truck drivers and the people of South Korea, now it is the workers of Hyundai Motor Co.(SEO: 005380). More than 50% of the 44,757 workers of the Hyundai Motor Co. decided to go on strike in demand for higher pay and protest against government policies. Hyundai spokesman, Chang Kyu, said that the plan was backed by majority of the workers at Hyundai. However, the worst is yet to come; workers of the all four largest South Korean automakers are planning to go on strike. Bloomberg reports:

Hyundai Motor workers will today decide when to stage stoppages. The union is seeking an 8.9 percent raise in base pay and wants the automaker to distribute 30 percent of annual net profit as employee incentives.

The carmaker's workers last year agreed to a pay accord without striking for the first time in 10 years. The package included a 5.8 percent increase in base pay.

It looks like South Korea, the fourth largest economy of Asia, is heading toward a dark future. Already, protest over the US beef import and nation-wide truck drivers’ strike has become a big problem for the government of Lee Myung-bak. Now, this new protest is arising. I hope, Mr. Lee Myung-bak and the automakers work out to solve the problem as soon as possible.

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