Hyundai Motor has reached a deal with its union to end a protracted dispute which has cost more than 600 million dollars in lost production, the company has said.
Go deeper with GlobalData
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
Some 95 percent of the 45,000 union members voted on the deal covering working conditions and wages and endorsed it by a 54-43 margin.
Under the deal, the company will abolish its all-night shift system in September next year.
It also agreed to raise the monthly base salary by 5.61 percent and pay a bonus equivalent to three months’ salary. Workers will also receive a lump-sum payment of three million won.
The vote was on a second tentative deal between Hyundai Motor and its labour union. The first tentative agreement was vetoed in a vote put to union members.
