A deal has been agreed between management of Hyundai Heavy Industries and labour union representatives.
Agreement was reached after 71 rounds of pay talks and an escalating series of brief strikes.
Hyundai said the deal included a KRW 37,000 ($33.97) rise in basic monthly pay equivalent to a 2% increase and various other entitlements.
These include a one off bonus of KRW 2m, company shares equal to 150% of monthly pay, a KRW 10,000 increase in a ‘job environment allowance’ a KRW 200,000 gift card; a 700% bonus included in ordinary wages and a special leave day on 23 February 2015.
The deal is subject to approval by a union general assembly called for early January.
Hyundai Heavy Industries says it is the world’s leading shipbuilder with a 15% share of the world market .
