HYUNDAI'S MOTOR SOUTH KOREA UNION ACCEPTS 12% WAGE HIKE DEAL

Hyundai Motor Co (005380.KS) and a union representing its South Korean workforce on Monday sealed a wage deal that will boost annual pay by about 12%, avoiding a strike and production losses at the company's biggest manufacturing base. The union, one of the biggest in South Korea with more than 44,000 members, said on Monday that a total of 58.8% of its voting members had approved the tentative agreement reached last week, while 41.1% rejected it. Unionised workers voted last month for a possible strike over demands for higher wages, a performance bonus and an increase in the mandatory retirement age to 64 from 60. The union demand to increase the retirement age - which would have allowed workers to stay in their jobs, reducing reliance on the pension system, for longer - was not accepted. Workers at Hyundai Motor, the No.3 global automaker by sales with its affiliate Kia Corp (000270.KS), last went on strike in 2018.

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