Hyundai Motor's union reaches tentative wage deal, averting more strikes

Hyundai Motor's South Korean union said on Tuesday (Aug 25) it has reached a tentative agreement with management, averting further production losses after staging its first full strike in a decade on Friday, following a series of partial stoppages.The union had demanded higher bonuses, an increase in the retirement age, and job protections against artificial intelligence and automation.The tentative agreement includes a base salary increase of 100,000 won (US$72.31) per month plus a performance bonus equivalent to 400 per cent of base pay and additional payouts in cash and bonuses.The retirement age will be extended from the current 60 upon amendment of a relevant law, without reducing salary for the first few years after 60, the union said. From next year until 2028, 500 new technical wor