Hyundai Motor concludes wage settlement agreement for 2024-27
Hyundai Motor India [HMIL] and United Union of Hyundai Employees [UUHE], the recognized union today announced the successful conclusion and signing of a mutually beneficial wage settlement agreement for the period 20242027.
The long-term wage settlement will be effective from April 1, 2024, through March 31, 2027. The revised all-inclusive compensation package sets a new benchmark in the automotive industry. The package includes an industry-best salary increase of INR 31,000/- per month, structured over a three-year period in the ratio of 55%, 25%, and 20%. In addition to the salary increase agreed between the company and the union, HMIL continues to lead the industry in employee welfare including best-in-class health coverage and advanced wellness programs.
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