Asia Tech Wire (June 13) -- A representative of Hyundai Motor's Korean labor union said Thursday that the union failed to reach an agreement on wage increases for 2024.

The union will meet next week to discuss whether to conduct a vote on the strike plan.

Hyundai Motor's management offered to raise basic monthly salaries by 101,000 won ($73.50) and provide additional bonuses.

The union, however, withdrew from the negotiations, believing that the offer failed to achieve the desired goal.

After eight rounds of negotiations, the union decided to cancel further talks with Hyundai.