Hyundai Motor, South Korea union reach tentative wage deal, says union

SEOUL (Reuters) -Hyundai Motor Co reached a tentative wage agreement with its South Korean labour union on Monday, a union official said, potentially avoiding a strike in the carmaker’s biggest manufacturing base.

The agreement was reached after the South Korean automaker and its union held several rounds of negotiations for 46 days.

“The management and union managed to reach a tentative wage agreement without disputes for the sixth consecutive year, containing measures to resolve social issues and coexist with the local community,” Hyundai Motor (OTC:) said in a statement.

Under the agreement, Hyundai will increase workers’ basic monthly salary by 111,200 won ($80.46) and give them bonus and incentives as well as company stocks, according to Hyundai.

The union, one of the biggest in the country with more than 43,000 members, said the tentative deal is subject to a vote by union members on Friday.

Hyundai Motor workers in South Korea last went on strike in 2018.

($1 = 1,382.1100 won)