Skip to content
Subscriber Only

Hyundai Motor Reaches Preliminary Deal to End Union Strike

Hyundai Motor Co. reached a preliminary agreement with its South Korean union to raise wages, paving the way for the end of a strike that’s resulted in an estimated 1 trillion won ($910 million) in lost output.

Under the agreement, which is subject to a vote by the Korean carmaker’s 46,000 union members on Sept. 9, the company will raise the average base salary by 5.1 percent, Seoul-based Hyundai Motor said in a statement yesterday. The automaker also agreed to pay a one-time bonus equivalent to 3 1/2 months of wages plus 5 million won, it said.