SEOUL (AFP) – Hyundai Motor Co said Tuesday it had reached a tentative wage deal with labour unions to end a series of damaging partial strikes at the world’s fifth largest automaker.
The accord was hammered out late Monday, the company said in a press statement, and will need to be confirmed by the union membership at a vote on Wednesday.
“We did our best. We hope this deal will be approved,” said union spokesman Hwang Ki-Tae.
Tens of thousands of Hyundai workers have staged sporadic strikes since August to push their demand that regular bonuses be considered part of the basic wage used to calculate rates for overtime, holiday shifts and pensions.
The company said incorporating bonuses in the calculations would inflate its wage bill by 10 per cent.