- Hyundai Motor Co and its South Korean workers’ union have reached a tentative wage deal and averted strike action for the first time in eight years, sending the automaker’s shares up by more than 4%.
- Under the latest wage agreement, each unionised worker will receive a one-off payment of up to 9 million won ($7,414), an additional payment equivalent to one and a half months’ salary, 15 Hyundai Motor shares, and a basic salary increase of 1.74%.
- The wage agreement will help Hyundai avert production losses as it tries to regain ground in the U.S. market with its new Palisade SUV, shipped from South Korea.
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