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Friday August 17, 5:01 PMSouth Korea Kia Motors union approves wage dealSEOUL, Aug 17 (Reuters) - Union workers at Kia Motors Corp. voted to accept a wage package that includes a 5.2 percent rise in basic salary and a higher bonus, the union and the company said on Friday, ending their summer wage wrangle. The union at the South Korea's No.2 auto maker said on its Web site that 58.15 percent of union members who voted on the wage deal had approved it.Union members had staged partial strikes for 10 days during July and August, demanding higher wages and benefits. Members turned down a deal agreed by their representatives and the company last month. The labour actions are estimated to cost the company lost production of 23,645 units or 345.1 billion won ($363.1 million), a Kia spokesman said. On Monday, Kia's management and union representatives agreed to keep a proposed 5.2 percent increase in basic salaries but raised the proposed bonus to 200 percent of monthly salary from 150 percent which had been rejected by workers, according to Kia. The company, an affiliate of South Korea's top carmaker Hyundai Motor Co. Ltd. , will also pay 1 million won in a one-time incentive per worker. Poor labour relations are regarded as a major obstacle to Hyundai and Kia's target of becoming the world's No. 5 automaker by sales volume. Kia shares closed down 2.46 percent at 11,900 won before the announcement of the agreement, outperforming a 3.19 percent drop in the broader market . ($1=950.3 Won) |
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