The Hyundai union contract agreement, if approved, wouldn't include a retirement age increase the union has asked for.  -

The Hyundai union contract agreement, if approved, wouldn't include a retirement age increase the union has asked for.

As the U.S. auto industry waits to see whether the United Auto Workers will strike in Detroit, Hyundai and its labor union have tentatively agreed to a deal to avert a strike across the Pacific.

The auto industry has been watching the contract negotiations with interest due to the concern that strikes could kill the revived inventories that have fueled robust sales this year after pandemic-caused supply constraints tempered demand.

The Hyundai union contract agreement, if approved, would include a worker pay increase and a bonus but would not raise the retirement age as the union has asked, news reports indicate.

The pay increase would be the equivalent of $83.60 per month, or about 5% annually. The union had asked for an increase in the retirement age from 60 to 64, but Hyundai has declined to make that change, according to news reports.

Meanwhile in Detroit, the United Auto Workers continue talks with the “Big Three” automakers as the union’s contract expiration nears on Thursday.

LEARN MORE: Report Warns UAW Strike Could Bring Economic Strife

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