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7.9% salary increase granted

HMM signs agreement with unions

by Port News Editorial Staff

An agreement to avert potentially damaging disruptions to the logistics chain was reached by the South Korean shipping company HMM following 18-hour negotiations with unions to avert a strike by 92% of the 400 unionized seafarers on 23rd August protesting  against salaries that had been frozen for over eight years.

The protest has come at a particular time for global companies, who have had showers of money raining down on them as a result of increased demand for transport, driven mainly by the US, and freight rates, which have risen to unprecedented levels on almost every trade route.

As a result of the agreement, seafarers will see their salaries increase by 7.9% and receive a bonus equivalent to 650% of their monthly salary.

According to union reports, the seafarers planned to collectively hand in their resignations if no agreement had been reached.

Translation by Giles Foster

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