The wage settlement negotiations with the United Union of Hyundai Employees (UUHE) have been finalized by Hyundai Motor India Limited (HMIL).
Hyundai Motor India Limited (HMIL) occupies the position of being the largest passenger car exporter and the second largest car manufacturer in India. It is a wholly owned subsidiary of Hyundai Motor Company (HMC).The wage settlement, for a span of 3 years, with UUHE will be effective from 1st April 2012 to 31st March 2015.
The increase in the wages will be ranging from Rs. 11,000 to Rs. 13,000. The components like other welfare benefits and variable dearness allowances will not be included in this. In the first year, the employees will get 40% of the wage increase and 30% increase in the next two consecutive years.