July 26, 2018 / 4:37 PM / in 24 days

Hyundai Motor's South Korean union votes in favor of wage deal

SEOUL (Reuters) - Hyundai Motor Co’s (005380.KS) South Korean labor union said on Friday its members have approved a tentative wage deal its leadership had negotiated with management, minimizing the risk of strikes and output losses.

A Hyundai Motor's booth is seen near the Pyeongchang Olympic Plaza in Pyeongchang, South Korea, February 11, 2018. REUTERS/Kim Hong-Ji

The automaker and the South Korean union last week reached a tentative wage deal, marking the first time since 2010 they reached the agreement before summer holidays.

The union said in a statement that 63 percent of voters approved the deal whereas 37 percent rejected the terms.

Reporting by Hyunjoo Jin; Editing by Andrew Heavens

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