SEOUL (Reuters) – Hyundai Motor 005380.KS and its South Korean union reached a tentative deal to freeze wages for the first time in 11 years this year, an internal message distributed to union members showed on Monday.
The deal is subject to a vote by union members on Sept 25.
South Korea’s Hyundai, which together with sister company Kia Motors 000270.KS, is the world’s fifth-largest automaker, said its global retail sales fell 33% in the second quarter, and flagged that the pace of recovery will be slow due to the impact of the coronavirus pandemic.
Reporting by Cynthia Kim, Hyunjoo Jin, editing by Louise Heavens