On 15 October, labor and management of Hyundai Motor finally reached a wage agreement.
A 2nd tentative agreement was reached on 12 October during the 27th negotiation session: p monthly salary increases of KRW 72,000 (USD 63) p performance-based bonus and incentive of 350% + KRW 3.3 million (USD 2,903) p KRW 500,000 (USD 439) worth of vouchers (valid in traditional markets) p 10 Hyundai Motor shares to be given to every worker. An approval vote on the tentative agreement passed on 15 October.
The Hyundai Motor strike, which lasted for 3 months is finally over. An official from Hyundai Motor stated, “Hyundai Motor and its labor union reached common ground that the prolonged strikes should not damage the company as well as the nation’s economy. The company generated the best solution possible, complying with company principles in the midst of the prolonged strikes”.