Seoul: Kia Corp. announced that its labor union has approved this year's wage agreement, concluding the annual negotiations without a strike for the sixth consecutive year.

According to Yonhap News Agency, the agreement was ratified by 64.1 percent of the union members who cast their votes, with a significant 91 percent of the union's 24,710 members participating in the vote. The South Korean automaker, a part of Hyundai Motor Group, had successfully reached a tentative agreement with its labor union on Tuesday, preemptively averting a planned strike that was scheduled to commence just a day later.

The terms of the agreement include an increase in monthly base pay by 100,000 won (US$72.20), a performance bonus that exceeds 400 percent of the workers' monthly salary, and an additional payment of 12.7 million won to each employee.