Hyundai Motor and its unionised workers had reached a preliminary wage deal for this year, 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.
The deal, which needs approval by union members, includes a 5.61 percent rise in base salary, a one-off payment of 3m won and a bonus of 300 percent of monthly salary.
That compares with last year’s 5.8 percent base rise and 2m won bonus per employee.
The company and the union also agreed to reduce working hours to 17 hours a day from 20 hours from next year but to keep production volumes.
Hyundai’s unionised workers plan to hold a vote to approve the deal on Thursday.
The workers had staged partial strikes for eight days from July 2 during the wage negotiations, costing the company 28,656 vehicles in lost output, the company said.
