Hyundai India agrees to new wage pact

Hyundai Motor India Limited (HMIL) and United Union of Hyundai Employees (UUHE), the recognised union of the company, have announced the “successful conclusion and signing of a mutually beneficial wage settlement agreement” for the period 2024–2027, the company said in a statement on Wednesday. The long-term wage settlement is effective from April 1, 2024, through March 31, 2027. The revised all-inclusive compensation package includes a salary increase of Rs 31,000 per month, structured over a three-year period in the ratio of 55 per cent, 25 per cent, and 20 per cent.