Hyundai Motor India Ltd has entered into a three-year wage settlement with its employees union.
The car manufacturer said in a press release, it has completed a long-term wage settlement with the UUHE (United Union of Hyundai Employees), the recognised union in the company. The three-year wage settlement will be implemented with retrospective effect from April 2015 and cover the period up to March 2018.
Under the agreement, approximately 2,300 technicians will receive an average salary increase of ₹19,000 a month spread over three years. The employees will receive 50 per cent of the salary increase in the first year and 25 per cent each in the next two years. This would mean a salary hike of ₹9,500 a month in the first year and ₹4,750 monthly in the second and third year, the release said.
Hyundai Motor, the subsidiary of the Korean Hyundai Motor Company, is the second largest passenger car manufacturer in India after Maruti Suzuki.
Hyundai Motor has an annual production capacity of 6.8 lakh units at its factory in Sriperumbudur, an industrial belt near Chennai.