Hyundai Motor finalises three-year wage settlement

Scheme to be implemented with retrospective effect from April 2015

Hyundai Motor India Limited (HMIL) has finalised long term wage settlement with their recognised union, the United Union of Hyundai Employees (UUHE), which would offer technicians an increase of Rs 9,500 a month in their salary in the first year.

In its announcement, the company said three year wage settlement will be implemented with retrospective effect from April 2015 and will remain effective until March 2018.

"As per the agreement technicians will receive an average salary increase of Rs 19,000 per month spread over three years. Technicians will receive 50% of the increased salary in the first year and 25 percent each in the remaining two years," said the company.

This would mean a salary raise of Rs 9,500 a month in the first year and Rs 4,750 a month in the second and third year respectively.