HD Hyundai Heavy's third offer covers 42 per cent of the union's base-pay demand

HD Hyundai Heavy's 110,000 won offer and the union's 149,600 won demand are not measured on the same basis. The company's third offer is a flat increase in base pay that includes 47,000 won of seniority-based step increases ^[8], so the negotiated portion is 63,000 won ^[15]. The union's figure excludes step increases ^[10]. Compared like for like, the company has put up about 42 per cent of the ask ^[17], and the remaining gap is 86,600 won ^[16].

The third offer added 5,000 won of base pay and 500,000 won in gift certificates to the second, made two days earlier on the 8th ^[9]. At 5,000 won a round, closing 86,600 won takes about 17 more offers ^[18]. There are five working days left ^[14].

The shape of the money is the harder problem. A bonus of 10 million won plus 200 per cent of monthly pay plus 500,000 won in gift certificates is paid once ^[8]. The union's demand for at least 30 per cent of operating profit as performance pay is a formula that recurs in every profitable year ^[10]. Kim Dong-ha, head of the union branch, wrote in a union newsletter that the union must correct the institutional differences created by the merger and secure a fair share of gains commensurate with the boom ^[23]. The report gives no operating profit figure ^[22], so the annual cost of the profit-share demand cannot be computed from what either side has put on the record.

Four hours on the 11th, the 14th and the 15th, then seven hours a day from the 16th to the 18th, comes to 33 hours of stopped work ^[19], with each day in the back half of the week running 75 per cent longer than the days before it ^[20]. "At the bargaining table we will clearly present our core demands, and we will raise the pressure by carrying out strikes on the shop floor at the same time," Kim said ^[12].

Nothing is scheduled after the 18th ^[5], and the 18th is the last working day inside the window that the holiday and the ratification vote leave open ^[14]. It was the union that proposed the daily intensive talks after rejecting the third offer, asking for every outstanding issue on one table ^[7]. Twenty rounds since the 2nd of June works out to about one every five days ^[21]; the table now sits every day ^[6].

A tentative deal before the 16th and the seven-hour days never happen. No deal, talks resume after the 24th, and the 33 hours become the opening position. Or the merger items get split off to a separate track, which is the thing the union refused on the 10th when it asked for a single table ^[7][11].

What the record does not carry is a number for lost output or revenue ^[22]. So the drag on the yard cannot be sized in won from this material. The wage gap can be sized. It comes to 86,600 won of base pay ^[16], plus a profit-share formula that has not been costed in public.