(LEAD) Hyundai Motor, union reach tentative wage deal, avoiding strike for 6th consecutive year

Hyundai Motor Co. and its labor union have reached a tentative wage agreement, successfully averting a strike for the sixth year in a row, representatives from both the company and the union announced Monday. The agreement includes a 111,200-won (US$81) increase in monthly basic pay, in addition to a bonus and company stocks. This development comes as a relief to the automaker, which had been facing the prospect of a strike planned for Wednesday and Thursday. The deal is now subject to a vote by union members, scheduled for Friday. Over the past five years, Hyundai Motor and its labor union have successfully negotiated wage deals without resorting to strikes. The agreement, meanwhile, also includes a plan to hire 1,100 additional blue-collar workers through 2026, including 800 next year, to create more jobs in the country. "The company and the workers have reached a tentative agreement for the sixth consecutive year without disputes," an official from Hyundai said, noting that the agreement also addres ses social issues and promotes shared growth with the community. Source: Yonhap News Agency