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Hyundai Motor labor, management reach tentative agreement on wage hike

All News 23:03 October 12, 2016

ULSAN, Oct. 12 (Yonhap) -- The labor union and management of South Korea's top automaker Hyundai Motor Co. reached a second tentative agreement on a wage increase on Wednesday, about two weeks after its unionists went on their first full strike in 12 years, rejecting a previously offered compromise.

The two sides had reached a tentative agreement on Aug. 24 that would have raised the workers' monthly wages by 58,000 won (US$51) plus a bonus of 350 percent and 3.3 million won in cash for each worker. The management also withdrew its demand for a wage peak system to be introduced, which had been one of the most contentious barriers in negotiations.

The compromise, however, was rejected by unionists, with 78.05 percent of the nearly 50,000 members voting against it.

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