“Thanks to the determination of the labor union to entrust the management with its decision rights, we have reached a final agreement on wage collective bargaining based on the harmonious relations between labor and management. Clearly, the win-win and cooperative relationship we achieved will play a big role in helping Hyundai E&C take a leap forward a global leading builder.” The labor and management of Hyundai E&C held their hands together in an aim to develop into a world’s top-tier construction company. With about 10 bargaining agents including Hyundai E&C CEO Jung Soo-hyun and union leader Lim Dong-jin in attendance, a signing ceremony regarding this year’s wage increases and collective bargaining was held in the conference room on the 15th floor of the main building on June 30. In the first signing ceremony between labor and management since Korea’s primary builder became a family member of Hyundai Motor Group, both sides have reached the settlement promptly only 10 days after they held a first meeting. In a related move, the management came up with the final plan and concluded the agreement on a 4.5 percent wage increase, incentives for the unity between labor and management, vacation bonus, an increase in extra pay at domestic sites, vacations for family events, a discount on purchase of Hyundai Kia Motors’ vehicles and a better working environment.