GM Korea strikes tentative deal on wage hike

GM Korea Co., the South Korean unit of US automaker General Motors Co., said Wednesday that it has reached a tentative agreement with labor union leaders on their pay increase this year.

The agreement will soon be put to a vote by unionized workers, with the exact date of the vote expected to be decided later in the day, company officials said.

The agreement follows 30 long rounds of negotiations that began late April, as well as partial walkouts since mid-August.

The company did not disclose the damage from the reduction of output caused by the labor strikes.

"The company reached a tentative agreement after tabling a final offer that considered a need to secure its competitiveness for a sustainable future, along with the consumers' trust," the company said in a press release.

Under the tentative wage deal, workers at GM Korea will have their monthly wage increased by 80,000 won ($73), and receive up to 11 million won in various incentives. (Yonhap)