Hyundai Motor Co. and its labor union have reached a tentative wage agreement, successfully averting a strike for the sixth year in a row, representatives from both the company and the union announced Monday.

The agreement includes a 111,200-won (US$81) increase in monthly basic pay, in addition to a bonus and company stocks.

This development comes as a relief to the automaker, which had been facing the prospect of a strike planned for Wednesday and Thursday.

The deal is now subject to a vote by union members, scheduled for Friday.

Over the past five years, Hyundai Motor and its labor union have successfully negotiated wage deals without resorting to strikes.

Source: Yonhap News Agency