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Automotive News Europe, August, 2003 by Chang, Peter; Ciferri, Luca
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7-week strike ends at Hyundai
SEOUL - Hyundai and its 39,000 unionized workers reached agreement this month, ending a seven-week strike.
Reflecting worker concerns about lay-offs in South Korea, the deal requires Hyundai not to reduce Korean employment when the company invests in new overseas plants. Hyundai also won't cut output in Korea after it opens new foreign plants.
Analysts said the settlement, which also gives workers a 6.8 percent pay raise and a five-day work week, may reduce Hyundai's flexibility, particularly in its overseas plants.
- Peter Chang
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