Hyundai, S. Korean union agree to freeze wages for the first time in 11 years

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SEOUL — Hyundai 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.

Hyundai, which together with sister company Kia, is the world’s fifth-largest automaker, said its global retail sales fell 33 percent in the second quarter, and expects that the pace of recovery will be slow due to the impact of the coronavirus pandemic.

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