POSCO Reaches Tentative Wage Negotiation Agreement... Avoids First Strike Since Establishment

No More Protest March to Seoul on the 19th

POSCO has dramatically concluded this year's wage negotiations, avoiding the first strike threat in its history.

According to the steel industry on the 17th, POSCO labor and management reached a tentative agreement on wage negotiations through the 13th collective bargaining session held that day.

The agreement includes ▲a 100,000 KRW increase in base salary ▲a one-time payment of 6 million KRW (including 500,000 KRW in traditional market gift certificates) ▲an increase in welfare points to 1.5 million KRW ▲the establishment of summer vacation ▲and a contribution of 8 billion KRW to the labor-management coexistence fund.

Yonhap News

Both sides had conducted several rounds of working-level negotiations from June until early this month but failed to reach a consensus. The labor and management began negotiations from the night of the 16th, resulting in this outcome.

With the tentative agreement reached that day, the union's planned protest march to Seoul was also canceled. The union had announced a total strike and protest march to Seoul at the POSCO Center on the 19th, due to significant differences in views on wage negotiations with the company.

The POSCO union plans to hold a member vote on the 24th, and if more than half approve, the agreement will be finalized.

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