Hyundai Motor, labor union tentatively reach wage deal

Hyundai Motor Co. and its labor union have reached a tentative wage agreement after 17 rounds of negotiations, according to the union. The deal includes a 100,000 won (US$72.20) monthly base pay increase, a performance bonus of over 400% of the monthly salary, and an additional payment of 12.5 million won. The retirement age has also been extended from 60 to 65 if relevant laws and regulations are revised.

If approved by a union vote on August 31, this will conclude Hyundai's wage negotiations for the year. The union, with 400,000 members, has staged 60 hours of strikes this year, causing around 120 hours of production disruptions across two shifts. The strikes, including a full-day walkout on Friday, are estimated to have resulted in cumulative production losses of approximately 55,200 vehicles and lost sales of 2.3 trillion won, as per industry sources.