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Hyundai Motor reaches wage agreement with union

Hyundai Motor Co. reached a wage deal for 2018 with its 51,000-member union without a strike being staged, Yonhap News Agency reported July 27, citing a company statement.

According to the report, 63% of 42,046 workers who cast a ballot in a vote held July 26 agreed to accept the automaker's wage offer this year.

Hyundai's offer includes an increase of 45,000 South Korean won in basic monthly salary, a performance bonus equivalent to 2.5 months of salary and cash payments worth 3 million won, the report said.

The parties also agreed on a two-shift working system in which day- and night-duty workers each put in eight hours of work a day without overtime work, Yonhap added.

The news comes a day after Hyundai reported an 11.3% year-over-year decline in net profit for the second quarter at 811 billion won, compared with 914 billion won in the same period a year ago. The company ascribed the slowdown to weak demand in the U.S. and slow sales recovery in China.

As of July 26, US$1 was equivalent to 1,122.45 South Korean won.