KIA MOTORS, UNION AGREE ON TENTATIVE PAY DEAL

Kia Motors Corp., an affiliate of Hyundai Motor Co., said Wednesday it has reached a tentative agreement on wages and working conditions with its labor union, in a potential move to end a series of partial strikes. The deal calls for Kia to raise the monthly basic salary by 5.6 percent and pay a bonus equivalent to three months of salary as well as a lump-sum payment of three million won (US$2,730), the automaker said in a statement.In addition, Kia agreed to increase the retirement age by one year to 59 and abolish an all-night shift system from September next year. continue reading