Hyundai Motor’s South Korea union approves wage deal, union says

SEOUL (Reuters) – Hyundai Motor (OTC:) and a union representing its South Korean workforce on Saturday sealed a wage deal that will boost annual pay by about 4.65%, the union said, avoiding a strike in the carmaker’s biggest manufacturing base.

The union, one of the biggest in the country with more than 43,000 members, said in a statement on Saturday that a total of 58.93% of its voting members had approved the tentative wage agreement reached earlier this week.

Workers at Hyundai Motor in South Korea, the No.3 global automaker by sales with its affiliate Kia Corp, last went on strike in 2018.