Seoul: Unionized workers of Hyundai Motor Co., South Korea’s largest automaker, voted Tuesday to accept a wage hike deal for this year, including a 100,000 won (US$72) increase in monthly basic pay, the union said. In a vote held Tuesday, 53 percent of 36,208 workers who cast a ballot approved this year’s wage agreement between the labor union and the company.

According to Yonhap News Agency, under the wage deal, workers will receive performance-based bonuses equivalent to 450 percent of their monthly wages and an additional 15.8 million won in cash, as well as 30 shares of Hyundai Motor stocks and traditional market gift certificates worth 200,000 won. Hyundai Motor and the labor union reached a tentative wage deal earlier this month after holding more than 20 rounds of negotiations. This year’s negotiations faced difficulties as the union staged a strike for the first time in seven years this month.

Hyundai Motor has been facing tough business headwinds this year, including U.S. tariff measures and slowing demand for electric vehicles. The company’s second-quarter net profit fell 22.1 percent on-year to 3.25 trillion won due largely to U.S. import tariffs on autos.