[Courtesy of Hyndai Motor Group]
After months of negotiations, Hyundai Motor has reached a tentative deal on pay with its union.
Hyundai, ranked fifth in global auto sales together with affiliate Kia Motors, may be able to avert a major work stoppage and production losses if 48,000 union members vote for the deal next Monday.
Under the accord, the management will raise basic monthly pay by 4.2 percent, or 85,000 won, give workers 20 company shares and make bonus and incentives payments worth four times the basic wage plus 4 million won.
The management also agreed to reduce daily production hours from 17 to 16, beginning next year.
The company recorded a lost output of 10,900 vehicles in June when workers staged a four-day strike at the start of annual wage talks.
Hyundai Motor posted its seventh consecutive fall in quarterly profits in the July-September period, mainly affected by slowing China sales and aggressive discounting campaigns
The third-quarter net profit slid to 1.2 trillion won ($1.1 billion) from 1.5 trillion won a year earlier.
By Alex Lee
reporter
Park Sae-jin
swatchsjp@ajunews.com
