Unionized Workers At Hyundai Heavy Industries Demand Management To Sell-Off Shares And Real Estate To Increase Their Salaries and Benefits
Early this year, more than 10,000 union members rejected the offer of Hyundai Heavy Industries (HHI) management of 37,000 won salary raise in response to the growing demands of its employees for wage hike.
Reports reveal that the unionized workers demand for 132,000 won salary increase and performance-based benefits of at least 250 percent of the base salary of the employee. However, HHI see these demands as improbable amid the current situation of the company, World Maritime News reported on January 7.
On September 9, union members from HHI and two other shipbuilding companies, Daewoo Shipbuilding and Marine Engineering, held a partial strike on the matter of salary hike. A representative from the companies' union even said that they plan to hold a longer partial strike if the companies will not come up with a new plan for salary increase and job stability guarantee guidelines.
In addition, unionized workers from HHI allegedly threatened to arrange a rally against Chung Mong Joon, who is running to be the next president of FIFA.
Chung, who holds a 10.15 stake, is a majority stakeholder of HHI, as reported by Korea Times on September 21. He is also the former vice president of FIFA.
"We will send three senior union leaders to Zurich where FIFA headquarters are located from October 18 to 24 to organize anti-Chung campaign," said HHI union policy director Kim Hyung Gyun. "We have no other choice but to do so in order to complete wage negotiations before the Chuseok holiday, which begins on September 26."
He went on, "If management is willing to talk to us and approve our demands, we will then cancel dispatching our members to the Switzerland. The ball lies in the company's court."
Meanwhile, a spokesman from Hyundai said the unionized workers are now allegedly demanding the management to sell-off its company-owned shares and real estate to which they say would be enough to increase their salaries.
"The union's demand is far-fetched when the company is making the best-possible effort to escape from a liquidity crisis," the spokesman revealed, as noted by Korea Joongang Daily Oct. 5.
According to an audit report submitted by the unionized workers last year, HHI reportedly has 4.52 trillion won worth of financial assets available for trade. The audit report also reveals that around 579.7 billion won is the total amount of real estate unrelated to business.
HHI is the largest shipbuilding company in the world. The company has seven divisions which are: Shipbuilding, Offshore & Engineering, Industrial Plant & Engineering, Engine & Machinery, Electro & Electric Systems, Construction Equipment, and Green Energy.
