Hyundai Heavy Industries Co. said Thursday it has reached a tentative agreement on wages with its unionized workers, putting an end to the partial strikes that have taken place since last November. 

Under the agreement, the shipbuilding conglomerate agreed to increase basic pay by 37,000 won (US$33.94) per month, a 2 percent hike, and give workers company stocks equivalent to 150 percent of the base monthly salary together with another 2 million won as a bonus.

The company also agreed to include its regular bonuses, which is 700 percent of the base salary, as ordinary wages and also to give other benefits such as 200,000 won in gift coupons. 

The deal will be subject to a vote by all workers early next month, Hyundai Heavy said. 

The breakthrough came just a day after unionized workers went on a four-hour partial strike. The Hyundai Heavy unionists have staged a total of four such strikes since November to demand immediate settlement of the pay raise dispute. 

There have been 71 rounds of labor-management negotiations since June to avoid a full strike by the workers.

(Yonhap)