Hyundai Motor executives to take voluntary 10 percent cut in salaries

Executives at South Korea’s Hyundai Motor prepares to take a voluntary 10 percent cut in salaries from this month, the very first such relocation since the year of 2009, Yonhap News Agency reported on Tuesday, citing an unknown high-ranking group authorities.

A spokesperson at flagship unit Hyundai Motor said a voluntary wage cut was being presented for executives, without verifying complete details of the move.

The report came the day prior to Hyundai Motor reports third-quarter incomes that are anticipated to be squeezed by a protracted strike – fixed previously previously – along with falling sales at home.