Ssangyong Motor

Ssangyong Motor Co., the local unit of Indian sport utility vehicle maker Mahindra & Mahindra, said Thursday that its management and union have agreed to raise wages and count regular bonuses as ordinary wages, the first South Korean carmaker to do so this year.

The carmaker said the agreement received 52.37 percent approval from workers, after it was reached at the negotiation with union representatives held at its Pyeongtaek plant some 70 kilometers south of Seoul on Wednesday.

Ssangyong said the new wage system to include regular bonuses as part of its standard salary will be applied retroactively from April. (Yonhap)