'POSCO Union Begins 48-Hour Partial Strike Amid Stalled Wage Negotiations'

[Financial News] POSCO management and labor have hit a snag in wage negotiations, prompting the union to begin a partial strike.
The POSCO Labor Union, affiliated with the Federation of Korean Trade Unions (FKTU) and the Federation of Korean Metalworkers' Trade Unions (FKMTU), began a 48-hour partial strike at 7 a.m. on the 9th.
The union said about 40 workers at Pohang Steelworks and about 80 at Gwangyang Steel Works were participating in the strike. Management, however, said that approximately 1% of the roughly 10,100 union members had joined the partial strike. It also said that key production processes, including molten-steel production, would continue to operate under the collective agreement on essential work.
Management and labor plan to continue negotiations during the partial strike. At talks held on the 3rd, the union demanded a 7.1% increase in base pay, an incentive payment equivalent to 600% of base pay, 50 shares under the employee stock ownership plan, and a holiday bonus equivalent to 200% of base pay.
Management proposed a 2.0% increase in base pay, a 3.5 million won performance incentive, 500,000 won in local gift certificates, and an expansion of the scope of increases to long-service celebration payments.

[email protected] Kim Mi-hee Reporter