Ssangyong Motor reaches wage deal with union

Ssangyong Motor Co., the local unit of Indian sports utility vehicle maker Mahindra & Mahindra Ltd., said Thursday it reached a wage deal with its union, avoiding a strike. It marked the fourth consecutive year that the carmaker has concluded a wage deal without a strike. The agreement calls for a hike of 85,000 won (US$76) in basic salaries and a reward travel program for those who have worked for the company for 30 years, said Ssangyong spokesman Choi Jin-woong. The carmaker said it will create a task force to work out plans to replace the graveyard shift with two consecutive daytime shifts at its sole assembly plant in Pyeongtaek, about 70 kilometers south of Seoul. "Ssangyong has been establishing a firm foothold for business normalization thanks to the union's active cooperation and employees' efforts," said Lee Yoo-il, CEO of Ssangyong Motor. Mahindra acquired a majority stake in Ssangyong in 2011.