South Korea's leading automaker, Hyundai Motor, announced on Tuesday that its union workers have greenlit this year's wage agreement, which includes a monthly base salary increase of 100,000 won (approximately $73).

According to the union, 61.55% of its 31,166 members voted in favor of the tentative deal reached between labor and management during Monday's ballot. Under the terms of the agreement, employees are also entitled to a performance bonus equivalent to 400% of their monthly salary, along with an additional cash payout of 12.7 million won.

Furthermore, both sides have agreed to extend the retirement age from the current 60 to 65, contingent upon amendments to relevant laws and regulations. This year's agreement comes after a series of strikes initiated by the union, which collectively caused approximately 120 hours of production disruptions.

These labor actions included a full-day strike on August 21st, marking the first such walkout by the Hyundai Motor union in a decade. Industry sources estimate that the strikes have resulted in a cumulative production loss of around 55,200 vehicles for Hyundai, with sales revenue losses exceeding 230 billion won.