Hyundai Motor and its South Korean union agree on 9% wage hike deal

The union, one of the biggest in South Korea with more than 46,000 members, said that a total of 62% of its voting members approved the tentative agreement reached last week, while 38% rejected it

Hyundai Motor Co and a union representing its South Korea workforce have sealed a wage deal that will boost annual pay by about 9% just days after the automaker committed to building its first new Korean car plant in nearly 30 years.

The union, one of the biggest in South Korea with more than 46,000 members, said late on Tuesday that a total of 62% of its voting members approved the tentative agreement reached last week, while 38% rejected it.

The accord, reached after 15 rounds of talks that started in May, comes after Hyundai announced a plan to build a dedicated