SEOUL, Nov. 2 (Korea Bizwire) – Kia Motors Corp., South Korea’s No. 2 automaker, said Wednesday that it has reached a tentative wage deal with the labor union which will be put to a vote by unionized workers next week.
Since late June, the automaker and its labor union have been negotiating the wage deal. Unionized workers have staged partial strikes causing 2.1 trillion won (US$1.83 billion) in production losses, the company estimated.
Under the deal, the automaker’s workers will see a 72,000 won raise in their basic salary and be given a bonus of 3.3 million won and other benefits.
Early last month, the labor union of Kia’s larger affiliate, Hyundai Motor Co., approved a tentative deal on a wage hike following its first full-scale strike in 12 years.