Hyundai Motor reaches tentative wage deal with South Korean union

FeaturesReuters

Hyundai Motor <005380.KS> reached a tentative wage pact with its South Korean labor union on Wednesday, a union official told Reuters, after the automaker's worst-ever industrial strike disrupted output at its key domestic production base.

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The agreement is subject to a vote by almost 50,000 union members, who had rejected an earlier deal in August because of smaller pay rises.

The union has held 24 rounds of full-scale or partial strike action since July 19, preventing the automaker from making 131,851 vehicles worth more than 2.9 trillion won ($2.60 billion), the government said last week.

(Reporting by Hyunjoo Jin, editing by Louise Heavens)