POSCO Labor and Management Sign Wage Negotiation Agreement... Basic Salary Increased by 100,000 Won

No Disputes Since Establishment in 1968

On the 27th, POSCO labor and management held the 2024 wage negotiation signing ceremony at the Pohang headquarters in Gyeongbuk, with Lee Hee-geun, the prospective president of POSCO, Kim Seong-ho, chairman of the POSCO Labor Union, and other labor-management negotiation committee members in attendance.

The main points of this wage agreement include ▲a basic salary increase of 100,000 KRW ▲a 3 million KRW participation incentive for achieving management goals (including 500,000 KRW in traditional market gift certificates) and a 3 million KRW labor-management harmony incentive (to encourage acquisition of employee stock ownership).

Seoul POSCO Center exterior. Photo by Asia Economy DB

This year’s wage negotiations were conducted amid a labor-management consensus on the need to boost employee morale and improve working conditions, despite the more severe management environment than ever before. Starting with the introductory meeting on June 27, after six months of negotiations, both labor and management peacefully concluded the wage negotiations, continuing the tradition of no labor disputes since the company’s founding in 1968.

On the day, POSCO labor and management also held a signing ceremony for the labor-management coexistence declaration aimed at sustaining steel competitiveness and creating a happy workplace, in addition to the wage negotiation signing ceremony. Through this declaration, POSCO labor and management agreed to work together to strengthen the core competitiveness of steel, engage in social responsibility activities, and foster an organizational culture of trust and respect.

As the first step in labor-management coexistence activities, the POSCO Labor Union plans to donate 100 million KRW worth of local love gift certificates each to Pohang, Gyeongbuk on the 27th and Gwangyang, Jeonnam on the 30th.

This content was produced with the assistance of AI translation services.