POSCO Union to Hold Vote on Tentative Agreement for Wage and Collective Bargaining on the 9th

The Korea Federation of Trade Unions POSCO Labor Union (POSCO Labor Union), the representative bargaining union among POSCO's multiple unions, will hold a vote next week on the tentative agreement for the wage and collective bargaining negotiations.

POSCO Labor Union announced on the 2nd that it will conduct a vote among its members on the '2023 Wage and Collective Bargaining Tentative Agreement' on the 9th.

If a majority of the members vote in favor, the wage and collective agreement will be finalized.

POSCO management and labor began collective bargaining negotiations on May 24 this year, and after going through a mediation meeting at the Central Labor Relations Commission, they reached a tentative agreement on the 31st of last month.

The main points of the agreement include ▲a basic wage increase of 100,000 KRW (approximately 170,000 KRW including natural increase) ▲payment of 4 million KRW worth of stocks ▲a lump sum payment of 2.5 million KRW (encouragement bonus for participation in emergency management) ▲payment of 500,000 KRW in local gift certificates ▲introduction of a four-day workweek every other week ▲rehiring of about 70% of retirees ▲formation of a task force for the introduction of a performance bonus system, job-based pay system, and redesign of welfare benefits.

A POSCO official said, "Despite difficult management conditions, we hope for a smooth resolution as labor and management have worked together to create the best possible tentative agreement."

The inauguration ceremony of the POSCO Union Dispute Countermeasures Committee held on September 6-7 [Photo by POSCO Union]

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