Hyundai Motor Co. and its labor union tentatively reached a wage agreement early Tuesday after a series of strikes disrupted production. The deal includes a 100,000 won monthly base-pay increase, a performance bonus of more than 400 percent of monthly salary, and an additional 12.5 million won payment. The agreement also covers a possible retirement-age extension to 65 if related laws change. The union will vote on the deal on Aug. 31.
Members of the Korean Metal Workers’ Union under the Korean Confederation of Trade Unions stage a protest in front of Hyundai Motor headquarters in Seoul, Friday. Yonhap
The management and labor union of Hyundai Motor Co. tentatively reached a wage agreement early Tuesday following a series of strikes that caused production disruptions.
The two sides reached an understanding at the 17th round of talks, agreeing to raise monthly base pay by 100,000 won ($72.20), provide a performance bonus of more than 400 percent of monthly salary and pay an additional payment of 12.5 million won, the automaker said in a release.
The two sides also agreed to extend the retirement age from the current 60 to 65 if related laws and regulations are revised.
