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Hyundai Motor workers approve wage deal

Hyundai Motor Co.'s unionized workers voted to accept a wage deal offering the lowest bonus in nearly 20 years amid economic and political uncertainties and an automotive industry struggling with production cuts and job losses, Reuters reported Sept. 3, citing labor officials.

Around 56% of the carmaker's unionized staff approved the deal, allowing Hyundai to avoid a walkout by workers for the first time in eight years, the news wire said.

The wage deal is reportedly worth approximately 16.27 million South Korean won and includes a bonus equal to 1.5 month's salary plus 3 million won, according to the report. It also includes one-time payments of up to 6 million won in legal settlements, the report added.

On Aug. 28, Hyundai Motor and its labor union had agreed to tentatively adopt the wage deal, with the latter saying it considered the political and economic situation surrounding trade tensions between the U.S. and China and South Korea's own economic standoff with Japan.

As of Sept. 2, US$1 was equivalent to 1,211.90 South Korean won.