Hyundai Motors Reaches Tentative Wage Hike Deal with Workers

Hyundai Motor's management reached Wednesday a tentative deal with the labor union on wage increases. It was the first time in 12 years that Hyundai union workers went on strike, which has lasted two weeks so far. 

    Yonhap reported today that under the deal, the two sides agreed to increase basic pay by 72,000 won plus a bonus of 350% and 3.3 million in cash for each worker, along with other benefits. The automaker's union members are expected to decide on the deal in a vote on Friday.

    The tentative deal was reached a few weeks after the government said it might invoke its right to emergency arbitration to order the employees to return to work to minimize the impact on the country's overall economy.

    By law, the government can intervene to suspend a walkout when it is related to public services, adversely affects the daily lives of the general public or jeopardizes the national economy. If enacted, the concerned parties are required to immediately suspend walkouts for the following 30 days.