Hyundai Workers In South Korea Go On First Strike In Five Years: Report

Hyundai Motor Company HYMTF unionized workers at its plants across South Korea reportedly staged the first strike in five years against the government's labor policies.

A spokesman for the automaker's union said that both day-shift and night-shift employees stopped work for two hours today, reported Bloomberg.

Korean Metal Workers' Union, which the workers are a part of, had called on its 180,000 members to protest against the government's anti-union policies.

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About 44,000 Hyundai workers are a part of the Korean Metal Workers' Union. Workers of Hyundai's affiliate Kia Corp will stay out of the strike.

The strike is in response to the government's proposal for labor union reforms and the crackdown on illegal demonstrations.

The union had held rallies in 12 cities protesting the labor policies and raised the demand for minimum wage increase due to inflation.

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Price Action: HYMTF shares closed higher by 0.37% at $42.49 on Tuesday.