Hyundai Motor management and labor union workers speak to each other during their wage negotiation at an undisclosed location, May 14. / Yonhap

Management and unionized workers of South Korea's top automaker Hyundai Motor reached a tentative wage deal on Tuesday, averting a labor strike for the fourth consecutive year.

The two sides agreed to a 98,000 won ($74.80) increase in basic monthly pay, the construction of a new electric vehicle factory in South Korea and more new hires, among other things, during their 16th round of negotiations held in Ulsan, some 310 kilometers southeast of Seoul.

It marked the fourth consecutive year that the two parties have reached a wage deal without a labor strike.

The deal will be finalized when unionized workers vote for it. (Yonhap)