Hyundai Motor management and labor said on the 9th that they have drawn up a tentative agreement on this year's wage and collective bargaining, centered on a 100,000 won increase in the monthly base salary.

Hyundai Motor labor and management representatives hold a preliminary meeting for the 2025 wage and collective bargaining negotiations in the accompaniment room of the Hyundai Motor Ulsan plant main building on June 18. /Courtesy of Hyundai Motor

Management and labor said they reached the tentative agreement at the 21st round of talks held at the Ulsan plant that day.

The tentative deal includes not only a base salary increase but also a bonus of 450%+15.8 million won, 30 shares, and 200,000 won in traditional market vouchers. They also agreed to partially expand the application of ordinary wages.

If the tentative agreement is approved in a vote of all union members on the 15th, this year's wage and collective bargaining will be concluded.

Management and labor reached a tentative agreement 83 days after their kickoff meeting on Jun. 18. During this year's negotiations, talks hit snags, and the union even went on strike for the first time in seven years.

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