Chennai, Sept. 17 -- India's second largest car manufacturer Hyundai Motor India Limited (HMIL) and United union of Hyundai Employees (UUHE), today announced the successful conclusion and signing of a mutually beneficial wage settlement agreement for the period 2024-2027.
The long-term wage settlement will be effective from April 1, 2024, through March 31, 2027, HMIL said.
The revised all-inclusive compensation package sets a new benchmark in the automotive industry.
The package includes an industry-best salary increase of Rs 31,000 per month, structured over a three-year period in the ratio of 55%, 25%, and 20%.
Beyond the agreed salary increase, HMIL continues to lead the industry in employee welfare, offering best-in-class health cov...