POSCO Labor and Management Reach Dramatic Tentative Wage Deal Ahead of Strike

[Financial News] POSCO labor and management reached a tentative agreement on the 2026 wage proposal during main negotiations on the 30th. They reached a dramatic deal ahead of a third strike, averting the threat of a walkout. According to POSCO labor and management and media reports, after working-level talks held at POSCO’s Pohang headquarters from 4 p.m. the previous day, the main negotiations continued from 10 a.m. that day and succeeded in reaching a tentative agreement.
The tentative agreement includes a 2.6% increase in base pay, a 6 million won lump-sum payment, three special pay steps, a 2 million won increase in holiday bonuses, holiday allowances for shift workers, and improvements to the medical benefits system.
At the 28th round of talks, management proposed a 2.5% increase in base pay, a 3.5 million won target-achievement incentive, 500,000 won in local gift certificates, and a 1 million won settlement bonus, totaling a 5 million won lump-sum payment. It also proposed a 1 million won holiday bonus with an additional 10%, to be raised to 15% after 2028. The union rejected the proposal, saying, “Management’s proposal could not boost the morale of union members.”
Following working-level talks held at POSCO’s Pohang headquarters at 4 p.m. on the 29th, the two sides reached a tentative agreement 25 hours after negotiations began, during main talks that started at 10:30 a.m. on the 30th. The agreement will bring to a halt the first partial strike since the company was founded, which began on September 9, as well as the union’s indefinite strike announced for the 2nd of next month.

[email protected] Han Young-jun Reporter