South Korea carmakers Hyundai and Kia hit hard by limited strike
August 23, 2014, 12:01 am TWN
SEOUL--Workers at South Korea's two largest automakers went on a limited strike Friday to press their demands for wage reforms, their unions said.
Unionists at Hyundai Motor Co. and its subsidiary Kia Motors Corp. downed tools for four hours.
They have held 17 rounds of talks with the management over the past two months but have been unable to reach a compromise, a Hyundai Motor union spokesman said.
This would increase workers' incomes by an average 10 percent by increasing overtime pay, he added.
The union said its workers would also refuse to work overtime this weekend.
Yonhap news agency said the strike would cost Hyundai-Kia Motor Group a total of some US$64 million in lost production.