SEOUL, KOREA- The amount of losses Hyundai Motor suffered due to labor strife this year exceeded 2 trillion won. According to Hyundai Motor on August 25, it suffered a loss of 2.02 trillion won this year due to the labor union's strikes and resistance to overtime works on weekends.
The labor union of Hyundai Motor has fought against overtime works for 12 weeks after Hyundai Motor introduced the two-shift daytime work scheme in the first half of this year. Hyundai Motor, accordingly, failed to produce 83,000 units of cars, causing a loss of about 1.7 trillion won.
Even in the second half, the labor union staged partial strikes three times starting from August 20 as the wage negotiations between the management and the union went nowhere. Due to the partial strikes, Hyundai Motor was unable to produce 15,625 units of cars which caused a 320.3-billion-won loss.
Since the union was established at Hyundai Motor in 1987, there have been labor strikes for 382 days over the past 25 years. These work stoppages caused problem in production of about 1.2 million cars, causing a 13.37-trillion-won loss.