Hyundai Management, Union Meet Over Pay Demands

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Aug. 25 (Bloomberg) –- Bloomberg’s David Ingles reports on Hyundai Management and Unions meeting today to try and resolve differences over wage demands after losing two days of extra weekend shifts to a boycott. He speaks to Angie Lau on “First Up.” (Source: Bloomberg)

Hyundai meets today to discuss pay demands that could see growing losses.

David ingles is here with the latest in a long line of strikes at hyundai.

Three straight years already.

As we just talked about, it is the 23rd since 1988. oh my gosh.

Mj put out the album, "bad." anyway, we had a warning.

We had another two days of strikes on extra weekend shifts after workers refused to take an additional workday.

They are still coming to work as far as the regular shift is concerned.

What they are refusing is extra shifts.

As you mentioned, we have a meeting which starts today.

The pictures you are looking at is their factory in korea which i think has a capacity of 1.5 million cars a year.

They are meeting today.

Hopefully they will reach some sort of agreement.

They are presenting a set of proposals.

They declined to comment on what the offer will be.

Of course, what is key here is whether or not we see any sort of disagreement to fold the regular bonus under the base pay.

Ok, so we also know that hyundai has been dealing with that currency situation.

That won continues to strengthen against rival competitors in japan.

Does that give them a competitive edge?

That is one cost.

Do we know just collectively how much impact this strike action is going to have on hyundai?

I think when you look at the cost, i am sure there are lots of numbers out there.

The last number they did see reported based on speaking with the company that we are talking 17 billion won so far.

That is basically in the form of lost production.

We still don't know how much they are losing based on sales that should have been there but weren't there because you don't have the inventory.

We are talking to factories in south korea right now.

60 9 million, how much is that compared to the latest strikes?

Last year was 39 million u.s. dollars for a four hour walk out.

Two hours?

Four hours.

The analysts talking about, first of all the negative impact on the stock.

As you have this overhang of -- it is still not done yet.

The other thing is, he thinks the financial impact will be limited.

Again, it simply depends on the scale and duration of the strike.

They start meeting today.

Two-day meeting.

This text has been automatically generated. It may not be 100% accurate.


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