The labor union of Hyundai Motor has reached a tentative agreement with management on a salary hike, some two weeks after unionists staged an all-out strike.

After negotiations that lasted over seven hours, the labor and management of Hyundai Motor agreed on Wednesday to raise the basic salary by 72-thousand won.

They also agreed on raising the performance-based salary or other forms of bonuses by three-point-three million won and the distribution of 500-thousand-won coupons that can be used in traditional markets, as well as ten stocks of the company.

Compared with the original provisionary agreement, the margin of basic salary increase has risen by four-thousand won and the value of the traditional market coupons by 300-thousand won.

The two sides entered Wednesday’s negotiations with a sense of urgency, as the government could soon impose emergency arbitration to prevent labor union's walkout from further crippling the business of the country’s largest automaker.

The company estimated the walkout so far this year has disrupted the production of 142-thousand cars, costing the company around three-point-one trillion won in losses.

The union members will vote on Friday on whether to accept the revised agreement.