Unionized workers at Hyundai Motor accept wage deal

ULSAN, South Korea – Unionized Hyundai Motor employees have voted to accept a wage agreement for the current year, according to the union. The vote, held on Monday, saw 61.55% of 31,166 union members approve the deal, the union reported. As part of the agreement, workers will see a monthly base pay increase of 100,000 won (US$73) and receive performance bonuses equivalent to 400% of their monthly wages, along with an additional 12.7 million won in cash.

The terms also involve extending the retirement age from 60 to 65, provided related laws and regulations are revised.

The wage deal ends a series of strikes by the union, which resulted in about 120 hours of production disruptions and an estimated 55,200 vehicles lost in cumulative production. Industry sources estimate the lost sales exceeded 2.3 trillion won. The labor action included a full-day strike on August 21, the union's first such walkout in 10 years.