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.