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Hyundai Motor reaches tentative wage deal with union

Hyundai Motor Co. and its labor union in South Korea have agreed to adopt a tentative wage deal, Reuters reported Aug. 28, citing a union spokesperson.

The agreement includes up to 9 million South Korean won in payments, 15 company shares per employee, payments equal to 1.5 month's salary and a basic salary increase of 40,000 won, the news outlet said.

According to the report, the union said it considered "the uncertain political and economic situation" involving trade tensions between the U.S. and China and South Korea's discord with Japan. Union members will vote on the deal Sept. 2.

For its part, Hyundai Motor said the two parties reached an agreement "to survive in the future" amid uncertain business conditions, Reuters said.

The tentative wage deal marks the first time the South Korean carmaker averted a strike in eight years, the report added.

As of Aug. 27, US$1 was equivalent to 1,212.17 South Korean won.