(In fourth paragraph corrects to add reference to one-off
payments and make clear these are equivalent to five times basic
* Agrees on bonus and other payments of $7,800
* Stoppages led to production losses of over 50,000 vehicles
* Workers to vote on agreement on Monday
SEOUL, Sept 5 Hyundai Motor Co has
reached a tentative wage deal with its South Korean labour
union, a union spokesman said on Thursday.
Should the union's members approve the deal in a vote on
Monday, Hyundai, which along with affiliate Kia Motors
ranks as the world's fifth-biggest carmaker, should
avoid further production losses.
Hyundai had suffered a series of stoppages since Aug. 20
that prevented it making 50,191 vehicles worth 1.02 trillion
Korean won, though it has usually recouped lost production with
overtime and weekend work.
The latest deal included bonuses and various incentives
totalling 8.5 million Korean won ($7,800), plus one-off payments
equivalent to five times the monthly base wage and a 5.14
percent rise in basic salaries, a union spokesman said.
The company rejected the union's demand for a 56.25 gram
gold medal - worth about $2,400 at today's prices - and a bonus
of two months' salary for those with at least 40 years of
continuous service, as well as 10 million won for each worker
whose children opt not to attend college, the spokesman said.
Instead, those who retire after more than 40 years of
service will receive 6 million won, he said.
"Hyundai's labour union showed a mature attitude during
talks, retracting unreasonable demands given public criticism
and concerns," the company said in a statement.
Hyundai's domestic sales slumped 20 percent in August from
the previous month and its exports slipped 9 percent, although
year-on-year sales went up because of longer walkouts a year
The union representing Hyundai's South Korean workers has
staged strikes almost every year in its 26-year history, except
for a three-year hiatus from 2009 to 2011.
Moon Yong-moon, the hardline union chief who last year led
the strike at Hyundai for the first time in four years, will see
his term expire this month. He said in a statement last week he
would not run for reelection.
($1 = 1094.5500 Korean won)
(Reporting by Hyunjoo Jin; Editing by David Holmes)