[THE INVESTOR]  Company officials and union leaders at Renault Samsung Motors have reached a tentative agreement on the wage hike for workers, the company said on Sept. 6.

The agreement came after five official rounds of negotiations and nine working group meetings since July 11, and marks the second consecutive year of strikeless wage deals, according to the South Korean unit of the French automaker.

If the deal is approved, workers at Renault Samsung will add an additional 31,200 won (US$28.25) to their monthly salaries, while they will receive a lump sum payment of 4 million won each as a signing bonus and another 3 million won each to mark their successful launch of the new QM6 crossover SUV.

A vote by union members will be held for two days starting Wednesday.

“The deal is especially meaningful in that it has also established a culture of burden sharing by laborers when the company is facing difficulties and profit-sharing by the company when its performances are good,” the company said in a press release.

The strikeless deal at Renault Samsung comes in stark contrast to prolonged disputes at local industry leader Hyundai Motor.

(theinvestor@heraldcorp.com)