Hyundai Motor India has finalised a new wage agreement with its workers' union, under which workers will not only get pay hikes but also a host of benefits such as group insurance and medical coverage.

The company announced in a statement, "The wage increase ranges from Rs 11,000 to Rs 13,000 excluding components like the variable dearness allowances and other welfare benefits."

Under the terms of the agreement, the South Korean car manufacturer will give its workers average wage hikes of Rs 14,283 a month, along with other benefits. The new agreement places Hyundai workers on a par with workers of industry leader Maruti Suzuki, which around a month back announced an average hike Rs 14,300-14,800 for its workers.

But Maruti Suzuki does not provide transport facility to its workers, while Hyundai provide. Therefore excluding conveyance, Maruti's average pay hike is nearly Rs 1,000 less than Hyundai.

Hyundai's new wage package also includes increased medical coverage, under which the company has increased the in-patient range from Rs 1 lakh to Rs 2.5 lakh, and serious sickness cover from Rs 3 lakh to Rs 6 lakh. The out-patient range has been tweaked by Rs 2,000.

It may be noted here that Hyundai workers do not contribute to the the company's medical scheme.

The three-year wage agreement between Hyundai and its workers' union will remain effective from April 1, 2012 to March 31, 2015.