Kia, union reach tentative wage deal

This undated picture shows Kia's company plant in Gwangmyeong, Gyeonggi Province. Yonhap

Kia, Korea's second-largest automaker, and its labor union have reached a tentative wage deal, according to the company Tuesday.

The two sides reached an agreement during the ninth round of wage and collective bargaining negotiations held at the company's plant in Gwangmyeong, south of Seoul.

The agreement includes a 111,200 won ($83) increase in monthly basic pay, in addition to a bonus package and issuance of company stocks. They also agreed to hire 500 additional manufacturing employees by next year.

With this, Kia successfully concluded wage negotiations without any labor disputes for the fourth consecutive year. The deal is now subject to a vote by union members, scheduled for Thursday. (Yonhap)