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Market Chatter: Kia Secures Wage Deal with Labor Union

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Kia's (KRX:000270) labor union has approved the yearly wage agreement with the company's wage management, concluding successful negotiations to avoid any strike for the sixth consecutive year, The Korean Times reported Aug. 28.

The wage deal was approved by 64.1% of the 24,710 union members who voted, with 91% of the total members participating in the vote, the report said.

The final deal includes a 100,000 won monthly increase in base pay, a performance bonus worth over 400% of monthly salary, and an additional payment of 12.7 million won each to workers.

A Kia representative did not immediately respond to a comment request from.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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