Dongkuk Steel, 27 Consecutive Years of Peaceful Wage Negotiations Settlement Between Labor and Management
[Asia Economy Reporter Hwang Yoon-joo] On the 28th, Dongkuk Steel’s labor and management held the '2021 Wage Agreement Signing Ceremony' at the Seoul headquarters (Ferrum Tower), becoming the first major domestic steel company to conclude this year’s wage negotiations. Additionally, they decided to provide a total of 3.5 billion KRW in 'COVID-19 Disaster Relief Funds' to all employees.
The labor union entrusted the wage negotiations to the company to overcome the uncertain business environment caused by the COVID-19 pandemic, thereby concluding the wage talks. Since declaring the nation’s first 'permanent no-strike' policy in 1994, Dongkuk Steel’s labor and management have maintained a tradition of peacefully concluding wage negotiations for 27 consecutive years.
At the event, Dongkuk Steel’s labor and management pledged to prioritize industrial accident prevention as the top management task and to become a leading company in safety and health management, not only in labor relations but also in corporate governance.
Park Sang-gyu, the labor union chairman, said, "Considering the trend of placing workers’ safety as the highest value, we concluded the wage negotiations hoping to develop together based on safety."
Jang Se-wook, Vice Chairman of Dongkuk Steel, stated, "With the increasing emphasis on non-financial evaluations such as ESG (Environment, Social, and Governance), we will find a model suitable for Dongkuk Steel and implement it in a practical way." In particular, Vice Chairman Jang emphasized, "The health and safety of company employees are the highest priorities, and we will do our best in facility investments and institutional improvements to achieve this."
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Along with the conclusion of the wage negotiations, Dongkuk Steel decided to provide 3.5 billion KRW in 'COVID-19 Disaster Relief Funds' to all employees, including those of partner companies, to overcome the COVID-19 crisis and revitalize the local economy. This is the second disaster relief fund since the company provided approximately 1.7 billion KRW in June last year.
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