POSCO management and labor are set to resume wage negotiations that were temporarily halted due to the union's executive election. Attention is focused on whether they can find a breakthrough after a partial strike followed the breakdown of previous talks.
According to a report by Aju Economy on October 6, POSCO management and labor will hold practical discussions for this year's wage negotiations on October 7 and 8. This will be the first time they meet at the negotiation table since the talks collapsed and the union initiated a partial strike, followed by the executive election.
Previously, the POSCO union began a partial strike after failing to reach an agreement with the company on wage negotiations. Following this, they temporarily suspended negotiations and strike actions in accordance with the schedule for the upcoming executive election.
In the election for the 21st chairman of the POSCO labor union held on October 2, incumbent Chairman Kim Sung-ho was re-elected with 73.53% of the votes. With the existing leadership back at the negotiating table, labor-management discussions are set to resume.
The key issues at stake include the extent of wage increases and compensation proposals. The union is demanding a 7.1% increase in base salary, a 600% incentive bonus, 50 shares of employee stock ownership, and a 200% holiday bonus. The company has proposed a 2.0% increase in base salary, a 3.5 million won performance incentive, and a 500,000 won local gift certificate.
It remains uncertain how much the two sides will narrow their differences during these practical discussions. Given that the union has already initiated partial strikes, the possibility of further labor actions cannot be ruled out if negotiations break down.
* This article has been translated by AI.
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