Hyundai Motor, union tentatively agree on this year's wage deal without strike

[Photo by Yonhap]

Hyundai Motor Co.’s management and labor union on Tuesday tentatively settled collective bargaining terms for this year, raising hopes that Korea’s largest automaker could finish this year without a labor dispute and strikes for a fourth consecutive year. The two parties provisionally agreed on a 98,000 won ($75.01) hike in the base salary, 200% of normal wage plus 4 million won for bonus compensation from business achievements, 100% for incentives for achievement of the H2 target, 1.5 million won for incentives for quality enhancement effort, 20 Hyundai Motor stocks of incentives for future competitiveness and 250,000 won in gift coupons.

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