Hyundai Motor's labor union and management have finally struck a deal on wage negotiations that lasted over five months.

The labor union of South Korea's largest automaker conducted a vote on Friday and said that with over 63 percent of those who took part expressing support, a tentative agreement reached with the management side was approved.

During their 27th round of wage negotiations on Wednesday, the two sides tentatively agreed to raise the base pay by 72-thousand won, or about 64 U.S. dollars.

The agreement also calls for a 350 percent bonus and three-point-three million won in special compensation. Other incentives include gift certificates worth 500-thousand won that can be used at traditional markets and the provision of ten shares of the company to each employee.

The union carried out 24 strikes and 12 boycotts of overtime work during the course of this year's wage talks. Hyundai Motor says the walkouts cost the firm a combined 142-thousand units in missed production worth some three-point-one trillion won.