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Kia, Union Reach Agreement
Union workers at Kia Motors Corp. have approved a new pay agreement, thus ending a three-week strike that cost the company 23,300 units of delayed output, Bloomberg News reports.
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Union workers at Kia Motors Corp. have approved a new pay agreement, thus ending a three-week strike that cost the company 23,300 units of delayed output, Bloomberg News reports.
Kia estimates the lost production was worth 414 billion won ($381 million). The company says annual strikes virtually every year since 2002 have disrupted nearly 400,000 units of production and cost sales of 6 trillion won ($5.5 billion), according to Bloomberg.
Kia's union says the one-year pact boosts monthly base pay by 97,000 won ($89). Workers also will each receive a 5 million won ($4,600) and a bonus equal to 3.5 times their monthly base pay.
Kia's package is virtually identical to one approved a week ago by workers at the company's majority owner, Hyundai Motor Co.
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