Hyundai Loses Over $263Mln Due to Strikes Over Wages in South Korea

South Korean automaker Hyundai lost 300 billion won ($263.7 million) in production, after the members of a trade union working at the Hyundai plant held three rounds of four-hour strikes calling on the company to increase salaries and provide them with bonuses.

MOSCOW (Sputnik) — South Korean automaker Hyundai has lost about 300 billion won ($263.7 million) in production because of the series of ongoing union strikes at the company's largest plant, local media reported Thursday.

Earlier in August, the members of a trade union working at the Hyundai plant held three rounds of four-hour strikes calling on the company to increase salaries and provide them with bonuses.

The plant workers are planning to hold two more strikes on Friday and Monday, since what the company has had to offer has not satisfied them, the Yonhap news agency reported.

The trade union and the automaker are expected to hold yet another meeting Friday to discuss the demands of the workers in an effort to reach a mutually beneficial agreement and resume full-scale production at the plant, the news service said.

According to the media outlet, Hyundai has refused to meet the worker's demands, citing the decline in the company's sales in China this year as a reason behind their position on the matter.