Hyundai Motor union accepts renegotiated wage deal

SEOUL, Sept 26 - Unionised workers at Hyundai Motor Co <005380.KS>, South Korea's biggest carmaker, accepted a sweetened wage deal on Friday, ending months of negotiation that saw many partial strikes and lost output.

The approved wage plan calls for a 5.61 percent rise in base salary, a one-off payment of 4 million won ($3,456) and a 2008 bonus of 300 percent of monthly salary for each employee.

The union said in its Web site 54.5 percent of the members who participated in a vote had approved this year's contract. Of 45,089 union members, 94.7 percent voted.

Hyundai workers vetoed a previous wage agreement, which also promised the same salary rise and annual bonus but with 3 million won in one-off payments.

The company and the union also agreed to reduce total working hours to 17 hours a day from 20 hours from 2009, but to keep production volumes steady.

Union members staged 12 partial strikes from July 2 during the wage negotiation, costing Hyundai 44,645 vehicles in lost output, according to the company. Hyundai usually makes up production losses with overtime work once wage deals are sealed. ($1=1157.4 Won)