Published : 2013-09-05 21:25
Updated : 2013-09-05 21:25
The labor and management of South Korea's largest carmaker Hyundai Motor Co. tentatively agreed Thursday on a wage deal, putting an end to the ongoing strike.
During a new round of negotiations, the two sides narrowed their differences and came up with an interim agreement, which will be put to vote on next Monday.
The agreement came after 25 rounds of negotiations over a wage hike and other labor issues that lasted for the past 101 days.
Upon the beginning of the talks, Hyundai's unionized workers went on a partial strike early Thursday. It marked the 10th time
that Hyundai's 46,000 unionized workers have downed their tools since mid-August.
"All workers will go back to work starting tomorrow, ending the strike," a Hyundai official said, adding that the agreement is expected to be approved by vote.
Under the tentative deal, employers will have a hike of 97,000 won (US$88.3) in basic pay, or some 5.14 percent, and a special bonus as well as diverse types of incentives.
The two sides also agreed to discuss later whether to withdraw a compensation suit the company filed against two union officials accused of halting an assembly line in Ulsan in April in protest of a deal on weekend work.
Last week, a district court in Ulsan ruled that the two union officials must pay a combined 300 million won to the company.
Ulsan is home to Hyundai's main production facility, located some 410 kilometers southeast of Seoul.
The union had also demand the extension of the retirement age by one year to 61, but the two sides decided against the move.
"The labor and the management agreed to overcome difficult business circumstances caused by global economic downturn," another official said, vowing better services for customers based upon "the advanced labor-management culture." (Yonhap News)