On Tuesday, Hyundai Motor Co. and its labor union came to a tentative wage agreement, avoiding a strike for the fifth year in a row. The deal includes an increase of 111,000 won (US$83.55) in monthly basic pay, as well as a bonus and performance-based benefits. The agreement is pending a union members’ vote that is set for Monday.
The carmaker and the union have been able to reach wage deals without any strikes in the past four years, despite the South Korea-Japan trade dispute, the COVID-19 pandemic, and other issues.
This file photo, provided by Hyundai Motor Co. on June 13, 2023, shows the company's management and labor union holding preliminary wage talks. (PHOTO NOT FOR SALE) (Yonhap)
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