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IT Home reported on July 15 that South Korea's Hyundai Motor and its union reached a salary increase agreement for six consecutive years, avoiding strikes. The amount of this salary increase set a record high.

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The union said on Saturday that its members voted to approve a tentative agreement reached earlier this week. Under the agreement, Hyundai will increase workers' wages by 4.65%, or 111,200 won per month (IT Home Note: Currently about 588 yuan),A one-time performance bonus of 500% of the basic monthly salary plus 18 million won (currently about 95,130 yuan) will be given to each worker.In addition, each employee will receive 25 company shares, according to Yonhap News Agency.

As part of the agreement, the company also agreed to extend the maximum period for rehiring retired technical workers as contract workers from the current one year to two years.

The pay increase is the largest in Hyundai Motor's history. With union members voting in favor of the agreement, the automaker has achieved six consecutive years of strike-free renewal since 2019.

The agreement was reached two days before the union was scheduled to strike, and the union withdrew its strike plan after the agreement was reached. The two sides will meet on Monday to hold a signing ceremony for this year's wage agreement.