Workers at Kia Motors Corp. ratify a new wage agreement that calls for a 5.6% monthly wage increase, 3.6 million won ($2,983) one-time incentive payment and 3-months’ pay as a performance bonus.

The deal is similar to the wage agreement ratified last week by Hyundai Motor Co. Ltd. workers but has a lower incentive payment. Hyundai paid its workers 4 million won ($3,314) as an incentive.

Of Kia’s 30,058 unionized workers, 95.8% cast ballots and of those, 76.8% approved the new agreement.

“We are extremely pleased the agreement has been ratified,” the spokesman says.

A Kia spokesman tells Ward’s the auto maker and its employees have agreed to establish a 17-hour, 2-shift workday next year in place of the current 20-hour, 2-shift workday.

Since early July, Kia workers have staged eight partial strikes that resulted in a production loss of 16,676 vehicles valued at 222 million won ($184 million).