A spokesman from Kia Motorsâ South Korean union said both parties agreed on Tuesday morning to a freeze in base salary for the first time in nearly 12 years under a preliminary agreement with the company, following 16 rounds of negotiations.
The spokesman told Business Insider in an emailed statement that instead of a raise in base salary, each unionized worker would get a one-time bonus of 150 percent of their monthly base pay, in addition to an incentive worth $1,095 and a gift card worth $1,100.
The media outlet pointed out that the South Korean company also offered to restore a 25-minute overtime pay system which was scrapped three years ago, but it rejected proposals to raise the retirement age by five years to 65.
Union members had voted in favor of the preliminary labor agreement. The vote came after union negotiators reached a tentative agreement with Kia Motors last week.
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