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Kia Workers Ratify New Korean Contract
Union members at South Korea's Kia Motors Corp. have voted by a two-thirds margin to accept a new contract with the company.
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Union members at South Korea's Kia Motors Corp. have voted by a two-thirds margin to accept a new contract with the company.
The agreement will end strikes that cost Kia about 1 trillion won ($896 million) and 62,900 units of lost production. The pact includes a 5% wage increase, a 9.5 million-won ($8,500) bonus and an end to deeply unpopular overnight shifts.
Workers at affiliate Hyundai Motor Co. ratified a contract with similar terms earlier this month.
But General Motors Co.'s Korean unit is still hampered by work stoppages after its unionized employees last month overwhelmingly rejected a tentative agreement that would have left the 24-hour per day work schedule unchanged.
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