STOCKS | Hyundai Motor Union Workers Approve This Year's Wage Deal

Workers at Hyundai Motor Co.'s union voted to approve this year's wage agreement, which includes a monthly base-pay increase of 100,000 won. According to Sina Finance, the union said 61.55% of 31,166 members approved the deal in a vote held on Monday. Under the agreement, employees will also receive a performance bonus equal to 400% of monthly pay and an additional 12.7 million won in cash. The two sides also agreed to extend the retirement age from 60 to 65 if relevant laws and regulations are revised. This year's deal came after multiple strikes that caused about 120 hours of production disruptions. Those labor actions included an all-day strike on August 21, the first such strike by the Hyundai Motor union in 10 years. Industry sources estimated the strikes caused Hyundai to lose production of about 55,200 vehicles and more than 2.3 trillion won in sales.