Hyundai Motor and its 51,000-strong trade union have reached an agreement on pay, according to Korean media reports.

The apparent striking of a deal removes the threat of further strike action in what many view as an annual ritual over Hyundai Motor workers' remuneration.

The Korea Herald reports that there will be an increase of 45,000 won (around USD40) in basic monthly pay for this year without the negotiation leading to a strike, the company said.

The agreement has come early in the negotiating process, compared with previous years. The Herald said it is the first time in eight years for the automaker to reach an agreement with its union before the summer holiday season.

The report added that some 63 percent of 42,046 workers who cast a ballot in a vote held Thursday agreed to accept this year's wage offer by the company.

The agreement comes as the company enters more turbulent times. It has reported quarterly operating profit 37% down on last year due to higher costs and strong won.

See also: Hyundai Motor profit down 37% in H1 2018