Ssangyong management, labor sign tentative wage deal

SEOUL, May 18 (Yonhap) -- The management and labor union of Ssangyong Motor Co., South Korea's smallest automaker, signed a tentative wage deal Wednesday calling for a 71,000 won (US$65) raise in monthly salary, the company said.
The deal will likely mark the first wage increase in three years at Ssangyong, where unionized workers had agreed to a freeze of their wages and a significant cut to their bonuses in the past two years while their company remained under a court receivership.
The wage deal will be put to a vote Thursday for approval by unionized workers of Ssangyong, according to company officials.
"We were able to become the first in the industry to have signed a tentative wage deal this year with strong cooperation from the labor union," Ssangyong Motor president Lee Yoo-il said in a released statement. "The company will continue to do its best to ensure its normalization and a fresh start with Mahindra based on its stable relationship between its management and labor union."
Ssangyong emerged from court protection following its sale to Indian utility vehicle manufacturer Mahindra & Mahindra Ltd. in March.
Ssangyong Motor's sales rose sharply in the first four months of the year to 35,084 units, up 59 percent from the same period last year, with its monthly sales topping 10,000 units for two straight months since March.
bdk@yna.co.kr