SEOUL, July 20 (Yonhap) — Hyundai Motor Co. and its labor union reached a tentative wage agreement Tuesday, averting a strike for the third consecutive year, the company said.
The deal includes a 75,000 won (US$65.24) rise in monthly basic pay, a bonus of 200 percent of monthly salary plus 3.5 million won, and 2.3 million won in performance-based benefits.
Management rejected the union’s demand to extend the retirement age and reinstate fired workers.
The deal is subject to union members’ vote scheduled for July 27.
The carmaker and the union reached wage deals without strikes in 2019 and 2020 amid a trade dispute with Japan and the COVID-19 pandemic, respectively.