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
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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