POSCO Union's Provisional Wage Deal Rejected... Renegotiations Needed

Provisional Deal Reached Ahead of Third Strike, but... 51.7% Voted Against

Yonhap News

The wage deal provisionally agreed upon between POSCO and its labor union this year was rejected in a vote by union members.

On November 7, the POSCO Labor Union, affiliated with the Federation of Korean Metalworkers' Trade Unions under the Federation of Korean Trade Unions and serving as the lead bargaining union, said that members had voted against the wage deal provisionally agreed upon with the company on October 30. The deal was rejected, with 48.31% (4,433 votes) in favor and 51.69% (4,744 votes) against. The union and the company will now have to resume negotiations.

The provisional deal included a 2.6% increase in base pay, a one-time payment of 6 million won, a special promotion of three pay grades, holiday bonuses of 2 million won plus 20% of base pay (to be increased to 30% from 2028), additional holiday pay for shift workers, increased allowances for resident and maintenance staff, and improvements to the medical benefits system, including the addition of spouses and children.

The POSCO union began wage negotiations with the company on June 16 and held about 30 rounds of working-level and main negotiations. When the two sides failed to reach an agreement, the union staged partial strikes on two occasions in September. The provisional deal reached in last-minute negotiations ahead of a third strike has now also been rejected.

The company said it would continue sincere communication to find an amicable solution.

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