Hyundai Motor Co. and its labour union have agreed on a new wage deal, the company said Tuesday, likely averting a threatened strike. Hyundai Motor spokesman Jake Jang had no details on the deal other than that one had been reached. The most recent negotiations between management and the union were held Monday and Tuesday in the southeastern industrial and port city of Ulsan, where the company has its main factory.
Jang said the deal is tentative and must still be voted on by the union rank-and-file.
Union representatives could not immediately be reached for confirmation.
The 44,867-strong union voted last week in favour of a strike, but postponed the walkout to give negotiators more time to forge a deal. Labour unrest at Hyundai, the world's sixth-largest automaker, is an annual event. The union has gone on strike every year but one since it was founded in 1987. Workers have already walked off the job twice this year.