SEOUL (Reuters) -- Hyundai Motor Co. has accepted many of the labor union demands for better working conditions which may help end the prolonged labor dispute, local reports said on Tuesday.
The Korea Economic Daily said in its early Wednesday edition that management at the country's largest auto maker accepted most of the union's major demands, including no layoffs without the union's consent and more voice in management decisions.
Neither Hyundai Motor spokesman or union leaders were immediately reached for comment.
The 39,000 unionized workers of Hyundai Motor have held partial strikes since late June, seeking an 11.1 percent wage hike and a five-day working week, which pulled its sales down 40 percent year-on-year in July.
The government said last week it was considering stepping in to resolve the high-profile labor dispute because of fears the walkout will hurt the economy.
The newspaper said the concession by the Hyundai Motor management will have repercussions on other labor talks, raising worries over already militant labor unions in South Korea.