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Hyundai Workers in Korea Ratify New Contract
Workers at Hyundai Motor Co.'s factories in South Korea have approved the tentative contract that their union reached with the company late last week.
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Workers at Hyundai Motor Co.'s factories in South Korea have approved the tentative contract that their union reached with the company late last week.
The vote ends a series of ministrikes by hourly employees since Aug. 20. Hyundai estimates the job actions cost it 1 trillion won ($913 million) in lost production of about 50,200 vehicles.
Under the new one-year pact, workers each will receive a 5.1% hike in base wages, or about $89 per month, and bonuses worth about $26,300.
Hyundai also lost production this spring, when workers refused to work overtime on 13 weekends without higher pay for those shifts. The company said lost output in that period cost it 1.7 million won ($1.6 million).
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