The labor union of General Motors(GM) Korea has approved a tentative agreement it struck with the management earlier this week regarding corporate restructuring. 

A vote held from Wednesday resulted in 67 percent of over ten-thousand-200 GM Korea workers who cast ballots supporting the company's self-rescue plan.

On Monday, the two sides reached the tentative agreement on this year's wage and work conditions following 14 rounds of negotiations held since early February. 

Under the agreement, the company will offer a voluntary retirement program and job transfers for the remaining 680 workers at the Gunsan plant which is planned to be shut down.

Instead of no unpaid leaves, the workers agreed to scale back on welfare benefits that cost nearly 100 billion won a year. The union also agreed to a wage freeze and no bonuses for this year.

The agreement has salvaged the automaker from being placed under court receivership.