Hyundai Motor and its labour union have reached a tentative wage agreement, ending a period of industrial action that hit production at the South Korean automaker. Under the terms, monthly base pay will rise by Won100,000 ($72.20), alongside a performance bonus worth more than 400% of monthly salary and a separate lump-sum payment of Won12.5m. The retirement age will be pushed back from 60 to 65, though this depends on corresponding changes to relevant laws and regulations. Union members are due to vote on the agreement on 31 August, a step that would formally close out this year's wage talks at the country's largest carmaker. The union, which represents 400,000 workers, carried out a total of 60 hours of strike action over the course of the year, leading to roughly 120 hours of lost production across two shifts, with industry estimates putting the cumulative cost at around 55,200 vehicles in lost output and forgone sales topping Won2.3tn.
Hyundai Motor Co. Ltd.Wage deal ends strike, restoring production and reducing lost output.
