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It`s Raining Company Bonuses in Ulsan

Posted July. 23, 2010 11:19,   


Employees at large companies in the southern industrial city of Ulsan will receive sizable bonuses after concluding collective bargaining agreements with their employers.

Large corporations in Ulsan will pay an estimated 350 billion won (291 million U.S. dollars) excluding regular wages in the second half of this month, leading to people saying, “Ulsan is being bombarded with money.”

Completing collective bargaining with no work stoppage for the 16th consecutive year, Hyundai Heavy Industries was the country`s first major company to pay a lump sum to its 25,000 employees. The average bonus per employee was 5.7 million won (4,738 dollars) July 14.

Hyundai Motor will also pay out an average 5.6 million won (4,655 dollars) per employee this month if its union agrees Friday to approve the results of this year’s collective bargaining. The automaker’s Ulsan plant employs some 30,000 workers.

Hyundai Mipo Dockyard also paid an average bonus of 5.7 million won (4,738 dollars) per employee and SK Energy 3.3 million won (2,743 dollars).