SEOUL, July 19 (Yonhap) — Unionized workers of South Korea’s top carmaker Hyundai Motor Co. voted to approve a wage deal with the management Tuesday, averting a labor strike for the fourth consecutive year, the company said.
Some 61.9 percent of 39,125 workers who cast a ballot voted for this year’s wage agreement, which calls for a 98,000 won (US$74.92) increase in basic monthly pay, according to the company.
Last week, the management and the union agreed upon the deal following 16 rounds of negotiations, which also includes the construction of a new electric vehicle (EV) factory in Ulsan, some 310 kilometers southeast of Seoul, and more new hires.
It marked the fourth straight year that the two sides reached a wage deal without a labor strike.
Hyundai will begin the construction of an EV factory next year, with a goal to start production in 2025, according to the agreement.
It would be the first construction of a car plant in the country by Hyundai since 1996, when it built one in Asan, 87 kilometers south of Seoul.
Source: Yonhap News Agency