Labor and management of Hyundai Motor Company have concluded negotiations on income and collective agreement without any walkouts for the third straight year. 

The company’s labor union said Wednesday that some 56 percent of some 43-thousand union members voted in favor of a tentative agreement reached with management to raise the basic monthly salary by 75-thousand won.

The agreement comes two months after the two sides first launched this year's negotiations on May 26. 

The two sides’ apparently reached an agreement without any work stoppage for the third straight year amid a mutual understanding that the company maintained production relatively well compared to similar industries in the midst of the protracted COVID-19 pandemic. 

Hyundai Motor saw its sales for the second quarter top 30 trillion won for the first time ever.