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The union accepted GM Daewoo's offer of about a six percent, or 82,000 won (US$76), increase in basic monthly salary for each worker, a bonus payment equivalent to two months salary and a lump-sum payment of 2.2 million won for each worker, said a company official.
The deal is tentative and must still be voted on by the union rank-and-file.
"A vote was set for this week," the company official said, declining to elaborate further.
The union had originally wanted an eight percent gain in basic salary, while the management offered a 4.25 percent rise.
The new deal came after the union withdrew its plan to hold a partial strike earlier in the day.
(Yonhap)
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