Mumbai, Sept. 17 -- Hyundai Motor India (HMIL) has reached a significant wage settlement agreement with the United Union of Hyundai Employees (UUHE) for 2024-2027. The deal, the company said, sets a new industry standard and was finalised and signed today after what both parties described as a period of constructive dialogue.

Effective from 1 April 2024, through 31 March 2027, the three-year agreement includes a substantial all-inclusive compensation increase of INR 31,000 per month. This raise will be implemented in three phases, with a 55 percent increase in the first year, 25 percent in the second and the remaining 20 percent in the final year.

Youngmyung Park, Function Head - People Strategy at HMIL, the agreement is a testament to ...