Hyundai Motor India Ltd (HMIL), a South Korean multinational automobile company, and United Union of Hyundai Employees (UUHE), its recognized union has come to an agreement to settle its wage agreement with its employees.
The automaker said in a statement that the three-year wage settlement would start from April 2018 and would remain effective until March 2021.
Under this settlement, the company’s technicians would receive an average salary of ₹25,200. The salary would be spread over for three years, and the technician would receive 55% of the increased salary in the first year which amounts to ₹13,860. In the second year, the technician would receive a 25% increased salary which amounts to ₹6,300 and 20% in the third which amounts to ₹5,040.
The previous agreement which concluded in March 2018, the technicians received an average salary increase of ₹19,000 per month spread over three years.
The South Korean automaker is planning to increase the production of its vehicles from 7 lakh units to 8 lakh units at its Sriperumbudur plant near Chennai. The company plans to introduce nine models between 2018-2020 which includes one electric vehicle, two face lifts, four full model change, and two new segment vehicles.
Last year, the automaker sold 5.5 lakh vehicles in the Indian market while it exported 1.6 lakh vehicles to several countries.