Hyundai Heavy Industries Labor Union Delays Giving Out Cash
Hyundai Heavy Industries Labor Union Delays Giving Out Cash
  • By Monica Youn-soo Chung (monica@koreaittimes.com)
  • 승인 2015.08.26 14:03
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The labor union of Hyundai Heavy Industries decided to delay dolling out gift cards and cash to employees who joined the strike amid the growing criticism.

The labor union set up a plan to favor employees who went on strike in a bid to win the wage hike negotiation.

According to the plan, the employees will be given gift cards equivalent to 70 percent of their average salary.

The labor union is set to go on strike for three hours on Wednesday for wage hike this year.

Amid the growing struggle between the management and the labor, the company said on Tuesday its sales in July posted 1.898 trillion won, an 8.9 percent drop from the same period of last year. The order amount posted $900,000, a 34 percent decreased from the same period of last year.

Local credit-rating agency NICE Credit dropped the rating of the company from "Stable" to "Negative" on the ground that the company's operating loss has continued in the second quarter of this year.

"Considering the unstable market environment and low profitability, the weak earnings performance is expected to last for the time being," it said.


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