Hyundai executives propose 10% pay cut to tide over crisis: Yonhap

By Park Sae-jin Posted : October 25, 2016, 10:50 Updated : October 25, 2016, 10:50

[Courtesy of Hyundai Motor]


South Korea's leading automaking group Hyundai Motor Group said Tuesday that executives of its 51 affiliates will have their salaries cut by 10 percent starting this month as part of efforts to tide over worsening business conditions at home and abroad.

"Executives of the group's affiliates are moving to voluntarily cut their salaries," said a high-ranking official at Hyundai Motor Group told Yonhap News Agency. "As far as I know, it (pay cut) will start this month."

The automaking group's pay cut for executives is the first since the 2008 global financial crisis. Some 1,000 executives may join the move, the official said.

Hyundai Motor Co. and its affiliates are struggling to overcome a protracted sales slump at home and abroad. In the first nine months of the year, Hyundai Motor and its smaller affiliate Kia Motors Corp. saw their global sales dip 1.8 percent on-year to 5.62 million units, the first contraction since 1998.

(Yonhap)
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