Hyundai and union reach tentative wage deal after decade's strike
After 40,000 Hyundai workers staged their first strike in a decade on Friday, both sides have reached a tentative agreement on wages and bonuses.
Talks picked up again just days later, and now union members will vote on the deal at the end of the month.
Agreement boosts pay by 100,000 won
The proposed agreement bumps up monthly salaries by 100,000 won (about $72) and includes a bonus worth four months' pay.
If national laws change, retirement age could rise from 60 to 65 (good news for those planning ahead).
Importantly, the union says Hyundai will not apply the wage peak system, which gradually reduces the salaries of older workers in their final years, after the retirement age is extended.
The total strikes this year did cost Hyundai an estimated $1.6 billion, but the company still pulled in record revenue last quarter, even as profits dipped due to slower sales.