Credit: REUTERS/ANDREW KELLYBy Heekyong Yang
SEOUL, Sept 12 (Reuters) - Hyundai Motor Co 005380.KS reached a tentative wage pact with its South Korean labour union, the union official said on Tuesday, potentially avoiding a strike and production losses at its biggest manufacturing base for five consecutive years.
Since annual wage talks kicked off in June, the union had insisted a minimum basic monthly pay increase, a performance bonus as well as an increase to the retirement age to 64 from 60.
Under the agreement, Hyundai will increase a 111,000 won ($83.60) rise in workers' basic monthly pay, give a one-off bonus payment for each worker as well as performance-based benefits.
The deal is subject to a vote by union members on Sept. 19, according to the union.
Hyundai Motor workers last went on strike in 2018. Unionised workers at Hyundai in South Korea held a four-hour strike for one day in July in support of a general strike, but it was not related to the union's wage negotiations with the management.
($1 = 1,327.7500 won)
(Reporting by Heekyong Yang and Soo-hyang Choi; Editing by Louise Heavens)
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