Kumho Tyre unionised workers have accepted the company’s offer to freeze wages and suspend performance-based pay for this year in return for no job cuts.
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The company planned to cut 690 employees and the union had staged several strikes since 25 June to demand an increase in wages and better working conditions, a company spokesman told Dow Jones.
The strikes, both partial and full-time, resulted in production losses worth KRW120bn for the country’s second-largest tiremaker by sales, he said.
On Monday, Kumho’s plants at Pyeongtaek, Gwangju and Gokseong resumed operations as the strikes ended.
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