Hyundai wage hike: Chennai plant staff to get Rs 31,000 more every month; three-year package includes health benefits

South Korean car maker Hyundai Motor India agreed on a three-year wage package for its employees at the Chennai plant in Tamil Nadu.

The deal, announced on Wednesday runs from 1 April 2024 to 31 March 2027 and includes a monthly salary hike of Rs 31,000, applied in a ratio of 55%, 25% and 20%, split over the three years according to an ET report.

Apart from this, employees will also receive health coverage and access to advanced wellness programmes.

“Hyundai Motor India Limited [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 2024–2027,” the company said in a statement cited by ET.

“The revised all-inclusive compensation package sets a new benchmark in the automotive industry.”

Youngmyung Park, function head, people strategy at HMIL, added, “This agreement, built on mutual trust, respect, and constructive dialogue, reflects our shared commitment to fostering a progressive workplace culture that prioritizes employee welfare and supports long-term organizational growth.”

The United Union of Hyundai Employees [UUHE], formed in 2011, represents 1,981 staff members, 90% of technicians and workmen, advocating for employee rights and engagement with management.