Unionized workers at Hyundai Motor accept wage deal

ULSAN — Unionized employees of Hyundai Motor Co., South Korea's premier automobile manufacturer, have ratified a wage agreement for the current year, comprising a 100,000 won ($73) raise in their base monthly salary, according to the union report on Tuesday. On Monday, 61.55 percent of the 31,166 union members who took part in the vote endorsed the agreement between the labor union and the company, the union announced.

As per the agreement concluded earlier, workers will also be entitled to performance bonuses equivalent to 400 percent of their monthly earnings and an extra 12.7 million won in cash. Furthermore, the two parties have agreed to extend the retirement age from the existing 60 to 65 years if pertinent laws and regulations are amended.

This year's deal followed multiple strikes by the union, resulting in approximately 120 hours of production interruptions. The labor action included a full-day strike on August 21, the union's first such walkout in ten years. The strikes are projected to have caused combined production losses of roughly 55,200 vehicles, with lost sales surpassing 2.3 trillion won, as per industry estimates.