Could POSCO Union’s First-Ever Strike Become a Reality? “Partial Strike on the 9th”

[Financial News] The possibility of POSCO’s first strike since its founding is growing as POSCO and its labor union 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 and its labor union are placing emphasis on the possibility of last-minute negotiations. However, if the dispute leads to an actual strike, it would be the first since POSCO was founded in 1968.
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 encouragement bonus equivalent to 600% of base pay, 50 company shares, and a holiday bonus equivalent to 200% of base pay.
Management, by contrast, proposed a 2.0% increase in base pay, a 3.5 million won performance bonus, 500,000 won in local gift certificates, and an expanded range for long-service anniversary bonuses.
[email protected] Mi-hee Kim Reporter