Ssangyong Motor

SEOUL, South Korea -- A labor union representing striking workers reached a wage agreement with management at SsangYong Motor Co., South Korea's fourth largest automaker, both sides said Wednesday.

The two sides agreed on a 6.8 percent increase in base monthlysalary, as well as one-time bonuses equivalent to three months' pay, the officials said. Unionists were expected to vote on the agreement this week.

The union had staged sporadic walkouts since late June, demanding a 10.5 percent wage hike.

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SsangYong has an annual production capacity of 180,000 luxury sedans and sport utility vehicles, and has about a 10 percent share of the domestic market.

- Source from Associated Press (Jul 28,2004) -