Hyundai signs pact to hike wages

"The deal sets forth an attractive pay rise representing a real wage hike for close to 4,000 workers in Hyundai Motor India plant in Chennai. The wage increase will come into effect from April 2006 till March 2009," the company said in a statement.

Commenting on the agreement with workers, Heung Soo Lheem, MD, Hyundai Motor India Ltd said: "We had a positive approach of negotiation process with a constructive and clear goal in mind. The settlement achieved between the management and its employees would help in a long way to build passion and also create a good industrial climate and thereby would be a win-win situation for both.