SEOUL-- Unionized workers at Hyundai Heavy Industries Co., South Korea's top shipbuilder, have voted for the third tentative wage deal with the management, winding up their 27-month-long stalled labor dispute, the labor union said Friday.
Of the 7,215 union members, 4,335, or 65 percent, voted in favor of the tentative deal, the union said, adding that the deal will be signed next week.
The labor union started its wage deal talks with the management in May 2019.
The labor and management reached tentative wage agreements for 2019 and 2020 two times, in February and April this year, but the union members turned down the deals.
After the negotiations fell through early this month, the union members put down their tools from July 6 to Tuesday to press the management to offer tangible proposals for a wage raise.
The agreement passed by the unionized workers featured a basic pay raise of 46,000 won (US$40.30) for 2019, a basic pay raise of 51,000 won for 2020, special bonuses for 2019 and 2020 and other benefits.
The labor and management also agreed to cancel all kinds of bilateral accusations related to the strike.
The union said it will make preparations for a 2021 wage deal after the summer holidays in August.
In mid-2019, Hyundai Heavy Industries was spun off into two entities -- Korea Shipbuilding & Offshore Engineering Co. (KSOE), a holding company, and the holding company's wholly owned operating company Hyundai Heavy Industries -- to acquire Daewoo Shipbuilding & Marine Engineering Co. (DSME).
KSOE has been pushing ahead with the plan to acquire the country's No. 2 shipbuilder, DSME.
Source: Yonhap News Agency