SEOUL - Hyundai Motor Co. and its labor union announced a tentative wage agreement on Monday, heading off potential strikes for the sixth consecutive year. The deal includes a monthly basic pay increase of 111,200 won (approximately US$81), alongside bonuses and company stocks, set to be ratified by union members this Friday.
According to Yonhap News Agency, this agreement is critical for Hyundai, which had been bracing for potential strikes scheduled for the upcoming Wednesday and Thursday. This marks the continuation of a positive trend, as both parties have managed to negotiate wage deals successfully over the past five years without resorting to strikes.