Daily Newsletter

28 August 2023

Daily Newsletter

28 August 2023

Strikes loom for Hyundai in South Korea

Union workers want retirement age to be raised

Dani Cole August 25 2023

Union workers at Hyundai Motor have voted for possible strike action, Reuters reports.

Over the last two months there had been talks with the firm over wage increases and raising the retirement age from 60 to 64.

The union is one of the largest in the country and has over 40,000 members.

Strike action was majority approved (almost 90% of workers) unless Hyundai accepted their demands.

These include a minimum basic monthly pay increase of 184,900 won ($139) and performance pay equating to 30% of Hyundai's 2022 net profit.

If a strike goes ahead, it will be the first time in five years that action like this has been taken in relation to wage negotiations with the automaker.

Tyres and exhaust systems expected to dominate the automotive aftermarket industry

Today’s consumers have a great desire to customize and distinguish their vehicles. The demand for aftermarket extras, including specialized wheels, performance upgrades, interior renovations, audio systems, and aesthetic alterations, has increased owing to this trend. Per GlobalData estimates, the global automotive aftermarket industry will be valued at $677 billion in 2023 and is expected to grow at a CAGR of 5.8% by 2030.

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