Seoul, Jul 13 (IANS): Hyundai Motor’s labour and management have concluded their wage negotiations without a strike for the sixth year in a row, agreeing on the highest wage increase in the company's history.

The union said on Saturday its members have voted to accept a tentative wage deal reached earlier in the week.

Under the agreement, Hyundai will increase workers' basic monthly pay by 4.65 percent, or 111,200 won ($81), and give a one-off performance-based bonus equivalent to 500 percent of the basic monthly salary, plus 18 million won, to each worker.

In addition, each employee will receive 25 shares in the company, reports Yonhap news agency.

The company also agreed to extend the maximum period for retired skilled workers to be reemployed as contract-based workers from the current one year to two years.

The agreed-upon wage increase is the highest in the company's history.

With the unionised workers voting in favour of the deal, the carmaker has concluded wage bargaining without a strike since 2019.

The deal was reached just two days ahead of the union's planned strike. It reportedly withdrew the strike plan after management agreed on the highest-ever wage raise and the two-year reemployment programme for skilled retired workers.

"The union and the management will faithfully carry out their social roles as members of the global community and prepare together for a better future," the automaker said in a statement.

Both sides will hold a signing ceremony for this year's wage deal on Monday.