Hyundai Motor India Limited (HMIL) and United Union of Hyundai Employees (UUHE), the recognised union of the company, have announced the “successful conclusion and signing of a mutually beneficial wage settlement agreement” for the period 2024–2027, the company said in a statement on Wednesday. The long-term wage settlement is effective from April 1, 2024, through March 31, 2027. The revised all-inclusive compensation package includes a salary increase of Rs 31,000 per month, structured over a three-year period in the ratio of 55 per cent, 25 per cent, and 20 per cent.