The management and labor of Hyundai Motor have reached a tentative wage agreement, marking the fourth year in a row the nation’s largest automaker will hash out an annual salary deal without a massive strike by its unionized workers.

According to the Seoul-based company on Tuesday, the agreement was made during the 16th round of negotiations held at its Ulsan assembly plant earlier in the day.

Under the provisional deal, the basic monthly wage will rise by 98-thousand won, or four-point-three percent, and a performance-based bonus comprising 200 percent of the basic monthly salary and four million won will be paid to laborers, among other new benefits.

The deal also contains an earlier agreement between labor and management to build a factory in the country, which will be the automaker’s first domestic assembly line constructed since 1996.

The deal will be confirmed if members of the labor union at the company approve it in a vote slated for next Tuesday.