HD Hyundai Mipo announced on October 2 that labor and management signed the 2025 wage agreement at the company’s headquarters in Ulsan.
The company has finalized annual collective bargaining within the year for four consecutive years since 2022. With the merger with HD Hyundai Heavy Industries scheduled by the end of 2025, the agreement was presented as a foundation to focus on restructuring the shipbuilding business and strengthening competitiveness.
The agreement, reached on September 24 during the 26th round of negotiations, includes a base wage increase of 135,000 won including seniority pay, a 5.2 million won bonus package including gift vouchers, a special incentive equal to 100% of standard wages, and a 1.2 million won “congratulatory bonus” for the merger with HD Hyundai Heavy Industries.
The tentative deal was approved by 70.2% of voting union members in a ballot held on September 26.
HD Hyundai Mipo Dockyard Co., Ltd. is a publicly listed South Korean shipbuilding company headquartered in Ulsan, primarily engaged in the construction of mid-sized vessels including product carriers and bulk carriers. It operates as an affiliate within HD Hyundai Group.
HD Hyundai Heavy Industries Co., Ltd. is a South Korean corporation and one of the world’s largest shipbuilders, with operations covering shipbuilding, offshore engineering, engines, and heavy equipment manufacturing. It is also part of HD Hyundai Group.
