Hyundai Motor, union reach tentative wage deal

Hyundai Motor and Kia's headquarters in southern Seoul / Courtesy of Hyundai Motor Group

Hyundai Motor Co. and its labor union have reached a tentative wage agreement that includes a 100,000 won ($72) increase in monthly basic pay, representatives from both the company and the union announced Tuesday.

Under the agreement, unionized workers will also receive performance-based bonuses equivalent to 450 percent of their monthly wages and an additional 15.8 million won in cash, as well as 30 shares of Hyundai Motor stocks and traditional market gift certificates worth 200,000 won.

The agreement came nearly three months after the two sides held 21 rounds of official negotiations, including one held Tuesday. This year's negotiations had faced difficulties, with the union staging a strike for the first time in seven years last week.

The deal will be finalized after a vote by union members, scheduled for next Tuesday. (Yonhap)