Hyundai Motors India announced through a press release that beginning in April they will give a 45 percent increase in pay to Hyundai employees over the next three years.
The increase in pay was agreed by the workers union after heavy negotiations took place for around a week. Hyundai Motor India is the country's second largest car maker.
"We tried our best to get the best settlement. A majority of our workers are happy with the settlement," said G. Vinayagan, president of Hyundai Motors India in a press release.
This would mean those who make the company's minimum amount of $11,000 would be bumped up to $14,000 a year, over the next three years, according to the workers union.
The announcement comes almost three years after the last pay increase by the Hyundai company. In 2009 they agreed to increase wages to a minimum of $9,820.
The agreement will become effective starting April 1, 2012 and will impact over 2,000 permanent employees. Workers will receive a 40 percent increase the first year of the deal and then a 30 percent increase the following two years according to Live Mint.
"This amounts to a 38-40% hike for us. We tried our best to get the best settlement. Majority of our workers are happy with the settlement," said Vinayagan.
Automakers all around the world have been facing pressure from their workers to receive higher pay during the past couple of months.
Benefit packages will also be changed as well as employees will receive more money to cover medical expenses then they could before the deal.
This new deal was pressured on the company mainly due to Maruti Suzuki announcing in September that Suzuki employees would be receiving a 70 percent pay increase. Workers for the company will receive an increase of $14,800 a month over the next three years.
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