Hyundai Reaches Tentative Wage Deal With Korean Labor Union, Offers 5.4% Increase and $8.5k Bonus

During July and August, the labor union at Hyundai’s South Korean plants staged a series of partial strikes over pay issues and working conditions.

It was the first strike in four years and a major setback as it cost the Korean carmaker $1.4 billion in production losses. This makes it the second-costliest strike in the company's history.

Today, however, Hyundai announced that it has reached a tentative wage deal with the labor union leaders and thus, end the strike and resume normal production.

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