Hyundai Motor executives to take voluntary 10% cut in wages

Reuters: Executives at South Korea’s Hyundai Motor Group plan to take a voluntary 10% cut in wages from this month, the first such move since 2009, Yonhap News Agency reported on Tuesday, citing an unidentified high-ranking group official.

A spokesman at flagship unit Hyundai Motor Co said a voluntary wage cut was being introduced for executives, without confirming full details of the move.

The report came the day before Hyundai Motor Co reports third-quarter earnings that are expected to be squeezed by a protracted strike – resolved earlier this month – as well as falling sales at home.