Hyundai Motor's South Korean union approves wage deal

On September 1, Hyundai Motor's South Korean labor union approved a tentative wage agreement with the automaker, concluding this year's pay negotiations following weeks of strikes and talks. Approximately 61.55% of participating union members voted in favor of the agreement, according to Hyundai Motor. Both parties acknowledge that advanced technologies like AI and robotics are crucial for the future of mobility.

As part of the agreement, Hyundai Motor will provide a base salary increase of 4.1% plus a performance bonus equal to 400% of the base pay, along with additional cash and bonus payouts. Furthermore, the two sides agreed to engage in further discussions on employment matters concerning the rollout of new businesses.