Hyundai Motor executives to take voluntary 10 percent cut in wages

October 24, 2016 10:01 PM EDT

The logo of Hyundai is pictured at at the 37th Bangkok International Motor Show in Bangkok, Thailand, March 22, 2016. REUTERS/Chaiwat Subprasom/File Photo


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SEOUL (Reuters) - Executives at South Korea's Hyundai Motor Group plan to take a voluntary 10 percent cut in wages from this month, the first such move since 2009, Yonhap News Agency reported on Tuesday, citing an unidentified high-ranking group official.

A spokesman at flagship unit Hyundai Motor Co said a voluntary wage cut was being introduced for executives, without confirming full details of the move.

The report came the day before Hyundai Motor Co reports third-quarter earnings that are expected to be squeezed by a protracted strike - resolved earlier this month - as well as falling sales at home.

(Reporting by Hyunjoo Jin; Editing by Kenneth Maxwell)



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