Hyundai Motor to freeze wages of its managersHyundai Motor Group plans to freeze the wages of its managers, company officials said Friday. The wage freeze would be the first since 2009.
“The company is already taking emergency measures to overcome many difficulties, such as an economic downturn, slowing sales and a drop in operating profit, while company executives have voluntarily cut their own wages by 10 percent,” the group said in a recent email sent to all company employees.
“Still, additional measures are urgently needed to overcome such a crisis,” it said. The wage freeze will affect those in managerial posts at Hyundai Motor and Kia Motors from department chiefs up.
The group did not provide the number of workers to be affected, but said the move will likely be applied in all other affiliates of the group, which include Hyundai Mobis, the country’s largest auto parts maker. Workers at the group’s production facilities apparently will not be subject to the freeze.
The group earlier set the combined sales target of its two automaking units - Hyundai and Kia - at 8.25 million cars this year, which will mark a 4.7 percent rise from about 7.88 million vehicles sold globally in 2016.