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Hyundai Motor labor and management representatives hold the opening session of this year’s wage negotiations at the company’s Ulsan plant on June 18. / Source: Yonhap News

Hyundai Motor and its union have concluded this year’s wage and collective bargaining talks, reaching a deal after 83 days of negotiations since their first meeting on June 18.

The Hyundai Motor branch of the Korean Metal Workers’ Union said on September 16 that 52.9% of the 36,208 members who voted (an 85.2% turnout among 42,479 eligible members) approved the tentative agreement in a ballot held the previous day.

The deal includes a ₩100,000 monthly base wage increase (including seniority pay), bonuses worth 450% of monthly salary plus ₩15.8 million, 30 shares of company stock, and ₩200,000 in traditional market gift certificates. It also incorporates holiday allowances and vacation pay into ordinary wages, while pledging to foster software talent at domestic plants and pursue next-generation powertrain component production.

The agreement ends this year’s wage talks, but breaks the company’s seven-year streak of dispute-free bargaining. Earlier this month, the union staged partial strikes from September 3 to 5 amid stalled negotiations.

Talks were strained by external pressures, including U.S. tariff threats, currency volatility, and slowing demand for electric vehicles. On retirement age, the two sides agreed to maintain the current “1+1” re-employment system and to revisit the issue in line with future legislative changes.

A Hyundai Motor official said, “Based on this agreement, management and labor will work together to overcome the challenges facing Korea’s auto industry and produce the highest-quality vehicles.”