December 5, 2018 / 8:20 AM / 12 days ago

South Korea gets conditional nod for carmaking JV with Hyundai - govt official

FILE PHOTO: A worker works at an assembly line of Hyundai Motor's plant in Asan, South Korea, January 27, 2016. REUTERS/Kim Hong-Ji/File Photo

SEOUL (Reuters) - South Korea’s local government on Wednesday gained conditional approval from an umbrella labour union and a group of employers for a plan to build a low-cost carmaking joint venture with Hyundai Motor (005380.KS), a government official said.

The plan includes an annual wage of 35 million Korean won (24,744 pounds) for workers, the official said.

Reporting by Ju-min Park; Editing by Muralikumar Anantharaman

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