POSCO Union to Vote on Tentative Wage Deal
POSCO's unionized workers to vote on a tentative wage agreement reached with management, Yonhap News Agency reported.
Unionized workers at South Korean steelmaker POSCO will this week decide on a proposed wage deal reached with management after 30 rounds of negotiations since June, South Korea's national news agency Yonhap reported Sunday.
The union had sought significant wage increases and bonuses, initially demanding a 7.1 percent base pay hike, a performance bonus of 600 percent of base pay, 50 company shares per worker, and a holiday bonus equivalent to 200 percent of base pay.
The tentative agreement includes a 2.6 percent base pay increase, a one-off payment of 6 million won (US$4,500), and improved benefits, which will be put to a vote by union members.
The union had previously threatened an 'indefinite' strike from November 2 unless an acceptable offer was made, having staged two partial strikes in September over wages and bonuses.
The union also cited staffing shortages and aging facilities as factors that could increase the risk of workplace accidents.
Management's previous offer was a 2.5 percent base pay increase and a one-off payment of 5 million won.
Background
POSCO is one of South Korea's largest steelmakers and a major player in the global steel industry.
The company has been facing pressure from its unionized workers to improve wages and working conditions, reflecting broader labor market trends in South Korea.