POSCO Union Announces Partial Strike for the 9th Amid Difficult Wage Negotiations

[Financial News] The possibility of a partial strike is growing as POSCO management and labor have failed to narrow their differences in wage negotiations.
According to industry sources on the 8th, the POSCO labor union of the Federation of Korean Trade Unions (FKTU) and the Federation of Korean Metalworkers' Trade Unions (FKMTU) plans to launch a 48-hour partial strike starting on the 9th if wage negotiations are not concluded by midnight on the 9th.
POSCO management and labor are focusing on the possibility of reaching a last-minute agreement, but the possibility that the dispute will lead to an actual strike cannot be ruled out.
The two sides have failed to find additional common ground since the 3rd. During negotiations that day, the union demanded a 7.1% increase in base pay, an incentive payment equivalent to 600% of base pay, 50 shares through the employee stock ownership plan, and a holiday bonus equivalent to 200% of base pay.
Management, meanwhile, proposed a 2.0% increase in base pay, a 3.5 million won performance incentive, 500,000 won in regional gift certificates, and an expanded range for increases in long-service celebration payments.
Meanwhile, the estimated number of participants in each of the partial strikes announced by the union for this month is between 20 and 60, and the actual disruption to production is therefore expected to be limited.


[email protected] Kim Mi-hee Reporter