South Korean automaker Hyundai Motor and the union representing its workers have reached a tentative deal on wages and bonuses, both sides said on Tuesday after a rare full-day strike.<\/p>\n
Around 40,000 employees at the country’s largest carmaker walked off the job on Friday, according to union figures, in the first such action for a decade.<\/p>\n
The union said on Monday that it had returned to talks with the company and had postponed shorter strikes planned for early this week.<\/p>\n
Hyundai said on Tuesday that the two sides had struck a “tentative agreement”, while the union indicated that the firm had agreed to partly meet its demands.<\/p>\n
“We agreed to increase the basic monthly salary by 100,000 won ($72) and pay a bonus equivalent to four months’ salary,” the union told AFP in a statement.<\/p>\n
The company would also meet another demand to raise the retirement age once the government passes legislation on a nationwide hike from 60 years to 65.<\/p>\n
Hyundai will not apply the wage peak system, which gradually reduces the salaries of older workers in their final years, after the retirement age is extended, the union said.<\/p>\n
Union members will vote on the proposals on August 31.<\/p>\n
“We acknowledge the commitment of our employees and appreciate the efforts of our negotiating teams in reaching this tentative agreement,” a Hyundai spokesman told AFP.<\/p>\n
The company’s workers have staged a total of 60 hours of strikes this year, causing estimated losses of around $1.6 billion, according to calculations by local news agency Newsis.<\/p>\n
Hyundai posted record second-quarter revenue of 49.2 trillion won, although operating profit fell 20.8 percent year-on-year amid weaker sales.<\/p>\n
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