POSCO Union Rejects Tentative Wage Agreement

On November 7, unionized workers at POSCO, South Korea's leading steelmaker, voted against a tentative wage agreement that proposed a 2.6% increase in base pay. The vote revealed that 51.69% of the union members opposed the deal, while 48.31% were in favor.

The rejected deal included a one-time payment of 6 million won (approximately $4,500) and improved benefits. Initially, the union had demanded a 7.1% increase in base pay, along with performance bonuses and additional company shares for workers.

Following the rejection, a union official indicated that renegotiations would likely be necessary due to the significant opposition. The tentative agreement was reached after extensive negotiations that began in June and included around 30 rounds of discussions.

In September, unionized workers had already staged partial strikes to advocate for higher wages and bonuses. The outcome of this vote may lead to further tensions in labor relations at POSCO, impacting its operations moving forward.