Hyundai Motor America has announced plans to increase factory workers’ wages by 25% by 2028, according to an AP report on November 13, 2023. The wage increase is nearly identical to the basic factory worker wage increase that the UAW negotiated, but no further details were disclosed. Hyundai Motor America’s COO, Jose Munoz, stated, “Hyundai is continuously striving to maintain competitive wages and benefits suitable for our industry.”
This follows Honda’s 11% increase last week and Toyota’s 9.2% hike.
Japanese firms such as Toyota generally pay higher wages. Therefore, it’s hard to definitively say whether the UAW’s strike contributed to these companies’ wage increases. In other words, a different approach may be needed to determine whether the high wages of Hyundai, Honda, Toyota, and others triggered the UAW’s strike. However, it seems clear that they influence each other.
This could also impact other industries, not just automotive.
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