POSCO and its labor union have failed to reach an agreement in this year's wage and collective bargaining negotiations. The POSCO labor union, affiliated with the Korean Confederation of Trade Unions, plans to request mediation from the Central Labor Relations Commission and initiate formal dispute procedures.
According to industry sources, POSCO and the union held their sixth round of negotiations on the morning of July 23, but they were unable to find common ground on key issues such as wage increases, performance bonuses, and employee benefits. The union declared the negotiations a failure, stating that the company did not present proposals that were acceptable to its members.
The union is demanding a 7.1% increase in base salary and a 600% performance bonus. In particular, the POSCO union has emphasized that wage increases and performance bonuses, along with the expansion of the employee stock ownership plan, are core demands in this round of negotiations. They argue that a compensation system should be established that allows for long-term sharing of the company's growth results, moving beyond a short-term reward-focused wage structure.
Following the breakdown of negotiations, the union plans to apply for dispute mediation with the Central Labor Relations Commission and proceed with strike preparations. Previously, the POSCO union had completed internal procedures to push for strike actions, including a vote on whether to support such measures.
However, both parties plan to continue additional negotiations during the mediation period.
* This article has been translated by AI.
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