Life & Style | Motoring

Hyundai and Kia to freeze some salaries

Hyundai Motor Co., South Korea's largest automaker, and Kia Motors Corp. said they will freeze wages for administrative workers amid a global financial crisis.

  • Agencies
  • Published: 10:11 December 22, 2008
  • Gulf News

Seoul: Hyundai Motor Co., South Korea's largest automaker, and Kia Motors Corp. said they will freeze wages for administrative workers amid a global financial crisis.

They will also shorten factory production hours to cope with the declining demand, Hyundai and Kia said in a joint statement on Monday.

The companies' 2008 sales will be 4.2 million units, down from an earlier projection of 4.8 million units.

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