The tentative deal includes a 92,000 South Korean won (about US$60) increase in monthly base pay and a total of 15 million won in lump-sum payments including bonuses and performance-based incentives. The deal reportedly also includes plans to assign new vehicle models to its plants in South Korea by the third quarter of next year.
GM Korea's vice president Asif Khatri, who oversees production for the company's overseas business unit, said the tentative agreement reflects "meaningful progress" by the company and the union to ensure stable operations and sustainable growth.
The two sides held around 17 rounds of negotiations since late May before reaching the tentative agreement, which will be put to a vote among union members next Monday and Tuesday.
The agreement came after tensions escalated in recent weeks, as unionized workers staged a partial strike last week amid stalled negotiations.
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