Hyundai Motor and its labour union have agreed on a new wage deal, the company has reportedly said.
Speaking to Associated Press, Hyundai Motor spokesman Jake Jang had no details on the deal other than that one had been reached.
The most recent negotiations between management and the union were held Monday and Tuesday in the southeastern industrial and port city of Ulsan, where the company has its main factory.
Jang said the deal is tentative and must still be voted on by the union rank-and-file.
AP noted that labour unrest at Hyundai, the world’s sixth-largest automaker, is an annual event. The union has gone on strike every year but one since it was founded in 1987.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataWorkers have already walked off the job twice this year, the report added.