POSCO Union to Vote on Tentative Wage Deal This Week

Unionized workers at POSCO, a leading South Korean steelmaker, are preparing to vote this week on a tentative wage agreement reached with management. This decision follows extensive negotiations that began in June, which included two partial strikes in September as workers demanded higher wages and bonuses.

The tentative deal includes a 2.6% increase in base pay, a one-off payment of 6 million won (approximately $4,500), and enhanced benefits. Union members are expected to cast their votes on Saturday, determining the future of labor relations at the company.

Initially, the union had sought a 7.1% increase in base pay, alongside a performance bonus equivalent to 600% of base pay, 50 shares per worker, and a holiday bonus of 200% of base pay. The union also raised concerns about staffing shortages and aging facilities, which could increase the risk of workplace accidents.

Management's previous offer included a 2.5% increase in base pay and a one-off payment of 5 million won. The outcome of this vote could significantly impact POSCO's financial outlook and labor relations moving forward.