SEOUL (Reuters) – Hyundai Motor Co reached a preliminary wage deal with South Korea’s labor union on Monday, a union official said, potentially averting a strike and production losses in South Korea, the automaker’s largest manufacturing base.
The preliminary agreement was reached after the South Korean automaker and its home country’s union negotiated for 46 days.
Under the agreement reached on Monday, Hyundai will increase the basic monthly salary of employees by 111,200 won ($80.46) and give each employee a bonus and incentives, Hyundai said.
The union, one of the largest in the country with more than 43,000 members, said the tentative agreement will be put to a vote of union members later this week.
The last time Hyundai Motor workers in South Korea went on strike was in 2018.
($1 = 1,382.1100 won)
(Reporting by Heekyong Yang; Editing by Susan Fenton)