The World - News from June 24, 1988

Hyundai Motor Co. workers in South Korea ended a 24-day strike, settling for the 15% wage increase that management had been offering since contract negotiations broke down. The new agreement for the firm’s 22,000 workers raises average monthly wages from $720 to $828 and provides a one-time $205 “productivity incentive.” The strike began May 30 at the plant in Ulsan, about 190 miles southeast of Seoul. Company officials said the strike cost the company $490 million in lost sales. Hyundai, which sends the Excel car to the United States, planned to produce 720,000 cars this year and export about 450,000.