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Hyundai Motor, South Korean union agrees to freeze wages for the first time in 11 years - Metro US

Hyundai Motor, South Korean union agrees to freeze wages for the first time in 11 years

The logo of Hyundai Motors is seen on a steering wheel of a all-new Sonata sedan on display at the company's headquarters in Seoul

SEOUL (Reuters) – Hyundai Motor <005380.KS> and its South Korean union reached a tentative deal to freeze wages for the first time in 11 years this year, an internal message distributed to union members showed on Monday.

The deal is subject to a vote by union members on Sept 25.

South Korea’s Hyundai, which together with sister company Kia Motors <000270.KS>, is the world’s fifth-largest automaker, said its global retail sales fell 33% in the second quarter, and flagged that the pace of recovery will be slow due to the impact of the coronavirus pandemic.

(Reporting by Cynthia Kim, Hyunjoo Jin, editing by Louise Heavens)

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