South Korea’s Hyundai Motor union rejects tentative wage deal

South Korea's Hyundai Motor union rejects tentative wage deal

2017-12-26 00:19:31

SEOUL (Reuters) – South Korean automaker Hyundai Motor Co’s (005380.KS) labor union said on Tuesday its members have rejected the tentative wage deal its leadership had agreed with management last week.

The union in a statement said 50.2 percent of 45,008 voters rejected the deal as they deemed wage levels were inadequate compared with previous years’ agreements, whereas 48.2 percent accepted the terms. The remaining votes were invalid.

The voting took place on Friday with a turnout of 88 percent, with the result tabulated early on Saturday.

The union said it will do its best to reach a new tentative wage deal within the year. Hyundai Motor said it will continue to engage in discussions with the union and hopes for an amicable agreement at the earliest time.

Reporting by Joyce Lee; Editing by Christopher Cushing

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