News: Hyundai Motor India hikes wages by 45 percent

Compensation & Benefits

Hyundai Motor India hikes wages by 45 percent

When it comes to wage settlement, it seems that Maruti Suzuki has set a trend. Close on the heels of the Maruti Suzuki's historic 50 percent hike in wages for its Gurgaon plant workers, Hyundai Motor India, the country's number two car maker signed its wage settlement agreement, hiking wages by a significant 45 percent, applicable for three years, over the last settlement in 2009.Hyundai's wage settlement with United Union of Hyundai Employees will be effective from April 1, 2012 and remain effective until March 31, 2015. As per media reports, the average hike in Hyundai, is Rs 14,283, a month, per worker including variable components. This will be split for 3 years in the proportion of 40 percent in the first year and 30 percent for the next two years.

When it comes to wage settlement, it seems that Maruti Suzuki has set a trend. Close on the heels of the Maruti Suzuki's historic 50 percent hike in wages for its Gurgaon plant workers, Hyundai Motor India, the country's number two car maker signed its wage settlement agreement, hiking wages by a significant 45 percent, applicable for three years, over the last settlement in 2009.Hyundai's wage settlement with United Union of Hyundai Employees will be effective from April 1, 2012 and remain effective until March 31, 2015. As per media reports, the average hike in Hyundai, is Rs 14,283, a month, per worker including variable components. This will be split for 3 years in the proportion of 40 percent in the first year and 30 percent for the next two years.

Source: The Economic Times

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Topics: Compensation & Benefits, #Updates, #TotalRewards

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