Kumho Workers Strike Over Wage Dispute
Partial day strike action at Kumho’s two main South Korean facilities is likely to cost the company about KRW 2.98 billion (£1.4 million) a day in lost output. Strike action initiated by the Korean Confederation of Trade Unions (KCTU) began on July 2, and Kumho stated in a filing with the Korea Exchange that the strike calls for each shift and the factory to remain idle for four hours a day.
Kumho believes the strike action, which began when a final agreement over wages was not reached, will be resolved during July, however the tyremaker is not the only company currently affected by industrial disputes with the KCTU. Union workers at Hyundai and Kia have also reduced their working hours in protest against similar disputes.