The management and labour union of Hyundai Motor tentatively reached a wage agreement on Tuesday following a series of strikes that caused production disruptions. 

The two sides reached an understanding at the 17th round of talks, agreeing to raise monthly base pay by 100,000 won (USD 72.20), provide a performance bonus of more than 400 percent of monthly salary and pay an additional payment of 12.5 million won, the automaker said in a release.