Hyundai Motor India signs long-term wage settlement; stock hits record high

Hyundai Motor India Ltd (HMIL) and the United Union of Hyundai Employees (UUHE) on Wednesday announced the signing of a long-term wage settlement agreement for the period 2024–2027.

The settlement, effective from April 1, 2024, through March 31, 2027, outlines a revised all-inclusive compensation package that the company said sets a new benchmark in the automotive industry. The agreement provides an industry-leading salary increase of Rs 31,000 per month, phased over three years in the ratio of 55 per cent, 25 per cent and 20 per cent.

Along with the wage increase, HMIL reaffirmed its focus on employee welfare, highlighting best-in-class health coverage and advanced wellness programmes for its workforce.

Commenting on the development, Youngmyung Park, Function Head – People Strategy at HMIL, said, "At Hyundai, our people are the cornerstone of our success. This agreement, built on mutual trust, respect, and constructive dialogue, reflects our shared commitment to fostering a progressive workplace culture that prioritises employee welfare and supports long-term organisational growth."

The United Union of Hyundai Employees, officially recognised as the representative body of HMIL's workforce, was registered in 2011. As of August 31, 2025, the union represents 1,981 employees, covering 90 per cent of the technician and workmen cadre. The body has consistently engaged with management on matters concerning employee welfare, rights and constructive collaboration.

Following the announcement of the wage settlement, shares of HMIL rose 1.95 per cent to touch a record high of Rs 2,653.