Hyundai Motor India Limited (HMIL) and the United Union of Hyundai Employees (UUHE) have signed a long-term wage settlement agreement covering the period from 2024 to 2027.
The settlement, effective from April 1, 2024, to March 31, 2027, introduces what it calls an industry-best salary increase of Rs 31,000 per month, structured over three years in the ratio of 55 per cent, 25 per cent and 20 per cent. The revised compensation package, according to the company, sets a new benchmark in the automotive industry.
Alongside the pay hike, HMIL has reaffirmed its focus on employee welfare by continuing best-in-class health coverage and advanced wellness programs.
"Our people are the cornerstone of our success. This agreement, built on mutual trust, respect, and constructive dialogue, reflects our shared commitment to fostering a progressive workplace culture that prioritises employee welfare and supports long-term organisational growth," said Mr Youngmyung Park, Function Head (People Strategy) at HMIL.
The UUHE, recognised as the official representative body of Hyundai's workforce since 2011, currently represents 1,981 employees, which accounts for 90 per cent of the technician and workmen cadre.
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