South Korea: Strike action at HMM has been Called Off after successful negotiations

Strike action at HMM has been Called Off after successful negotiations. As an update to yesterday’s news on the HMM strike action, marathon discussions between labor and management which happened from September 1st at 2:00 pm until September 2nd at 8:00 am have resulted during a new agreement signed by both parties at 8:00 am today, signifying the top of the strike action. The key terms of the agreement include a 7.9% raise , a bonus payment of up to 650% of monthly salary, and welfare improvements averaging 2.7%.

Furthermore, HMM management will add partnership with the labor unions to make a joint task force to make sure competitive wages and establish a performance-based pay system. As a result, concerns about the export logistics crisis caused by the strike at one among the most important container transportation and shipping companies in South Korea are resolved.

We will closely monitor the event and updates to your shipments. Unless there are significant changes to things which will impact the availability chain, we’ll not be sending further notifications about this event.

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