Kia Motors’ labor union votes to approve wage deal

Kia Motors’ labor union voted to approve a tentative wage deal, the company said Monday evening, ending negotiations that started in June.

Now all five domestic car manufacturers - Hyundai Motor, Renault Samsung, GM Korea, SsangYong Motor, along with Kia Motors, have completed this year’s wage negotiations with their labor union.

According to Kia Motors Monday, 64.2 percent of the 28,738 members voted to accept the tentative wage deal reached Wednesday. The agreement includes a 72,000-won ($63) raise in the basic monthly pay and 3.3 million won of lump sum bonuses. Each employee will also receive 350 percent of their monthly wage as an incentive payment and 34 shares in Kia Motors.

Some 30,000 members of the labor union at Kia Motors, the nation’s No. 2 automaker, held 23 walkouts since June 23, reportedly disrupting the production of more than 100,000 vehicles.