Kia Motors and union reach tentative wage agreementKia Motors, the second-largest automaker, said yesterday it has reached a tentative agreement with its labor union on this year’s wage bargaining.
The union will vote today on the agreement, which more than half of its 30,000 members must approve. The agreement come out more than two months after management and the union had their first meeting on July 2.
It calls for a 97,000 won ($89) increase in monthly base salary and 8.5 million won in bonuses along with various other incentives. However, demands like extending the retirement age were omitted.
Kia, an affiliate of Hyundai Motor Group, said 23,271 vehicles weren’t produced on time due to seven partial strikes, causing 413.5 billion won in damage.