Hyundai Transys is establishing a 40 billion won ($30 million) employee welfare fund, part of which will be used to support housing loans for employees. As Hyundai Motor Group's employee housing loan program is already the largest among major corporations, discussions about welfare disparities and internal loan systems are expected to continue.
According to industry sources, Hyundai Transys' labor and management reached an agreement on October 21 to create the 40 billion won welfare fund. The fund will be established in the first half of 2027, with annual contributions of 4 billion won over the next decade.
The establishment of the fund will change the way welfare points are distributed. Previously, the company directly provided welfare points to employees, but going forward, these will be distributed through the welfare fund. This change allows for tax exemptions, increasing employees' actual income. The amount allocated for welfare points will be prioritized, with any remaining funds directed toward housing loan support.
The issue of low-interest internal loans among large corporations was a key topic during this year's National Assembly audit. According to data presented during the audit, the total amount of housing loans for employees at Hyundai Motor Group affiliates reached 269.79 billion won, the highest among the seven major groups surveyed. The interest rates for these loans ranged from 1.0% to 2.7%.
The establishment of this fund by Hyundai Transys is aimed at enhancing employee welfare, with the specifics of the housing loan support program to be finalized through future negotiations.
Hyundai Transys stated, "Details regarding the fund's establishment will be discussed separately after the conclusion of collective bargaining," adding, "The scale of welfare points has not yet been determined, so the amount for housing loan support is also undecided."
* This article has been translated by AI.
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