HHI to hike basic wage

Management and labour union at Hyundai Heavy Industries tentatively agreed a wage hike and other working condition, the shipbuilder announced today. Both sides agreed to increase basic wage of W 83,000, a 200% bonus per year, and W 1 million allocated for productivity increases. Management of HHI will also ensure full employment of workers until May 31, 2006. Both sides also agree to set up a joint committee to discuss productivity improvement and means of enhancing competitiveness.