Sep 11, 2013

Hyundai Motor's South Korean workers agree on wage deal, end strike: union

Strike cost automaker more than $1 trillion

SEOUL (Reuters) — Hyundai Motor Co.’s unionized workers in South Korea voted in favour of a wage deal on Monday, a union spokesman said, ending strikes that had hobbled production at the automaker's biggest manufacturing base.

Last week, Hyundai and union negotiators agreed on a 5.14 per cent rise in basic wage, and bonus incentives totaling 9.2 million Korean won ($8,400) per employee plus 500 per cent of the basic monthly wage.

Starting Aug. 20, Hyundai workers idled South Korean factories for four or eight hours each over 10 days, holding back production of more than 50,000 vehicles worth 1.02 trillion Korean won ($933 million).

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