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Hyundai Motor India Ltd (HMIL) has reached a long-term wage settlement with its recognised union, the United Union of Hyundai Employees (UUHE).
The three-year wage settlement will be implemented with retrospective effect from April 2018 and remain effective until March 2021, said a company statement.
Under the pact, technicians will receive an average salary increase of ₹25,200 a month spread over three years. Technicians will receive 55 per cent of the increased salary in the first year, 25 per cent in the second year and 20 per cent in the third year. This means a monthly salary raise of ₹13,860 will be given in the first year, ₹6,300 in the second year and ₹5,040 in the third year.
In the previous wage agreement with the union in 2016, technicians were given an average salary increase of ₹19,000 per month spread over three years (April 2015-March 2018).
Hyundai is planning to increase its vehicle production capacity to eight lakh units from seven lakh units at its Sriperumbudur factory near Chennai. Also, it proposes to introduce nine models including two facelifts, two new segment vehicles, four full models change and one electric vehicle during 2018-2020 in India.
In 2018, Hyundai sold 5.5 lakh units in the Indian market, while 1.6 lakh units India-built cars were exported to several countries.
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