Kia Corp and Hyundai Motor Co. have both reached tentative wage agreements with their South Korean labor unions on Tuesday. These deals aim to resolve ongoing disputes over pay and retirement.
The agreement at Kia Corp averts planned partial strikes that had been scheduled to begin on Wednesday.
At Hyundai Motor Co., the agreement potentially ends a months-long dispute characterized by on-and-off walkouts that disrupted production. This period included the company's lengthiest walkout in a decade, during which around 40,000 employees walked off the job on Aug 21 after discussions over pay and retirement broke down.
The tentative agreement for Hyundai seeks to avert further production losses and address concerns about the mounting losses caused by the recent strike actions.