Business · Companies · 2 hrs ago
POSCO union plans indefinite strike after pay talks fail
The POSCO union plans an indefinite strike from 7 p.m.
on Nov.
2 after pay negotiations with the company failed.
The dispute involves workers at POSCO, including its Pohang steelworks in South Korea.
The union sought a 7.1% basic-pay rise, a 600% incentive payment and other benefits, while the company offered a 2.5% rise and different payments.
The union says the company did not change its position on key issues, and it held two rounds of partial strikes last month.
The strike could be expanded in stages, and the union is seeking special contributions from members who do not join the action to fund strike support.
POSCO says it will adjust production plans and use emergency operations to limit disruption for customers and domestic industries.
The company says it will continue talks in an effort to reach an agreement.
POSCO’s union said it will begin an indefinite strike on Nov. 2 after wage talks with the company failed to reach an agreement.
The union said the company had not changed its position on key issues during negotiations.
The union is seeking a 7.1% basic wage increase, a 600% incentive payment, 50 shares of employee stock and a 200% holiday bonus.
The company offered a 2.5% basic wage increase, a 5 million won lump-sum payment and a holiday bonus of 1 million won plus 10%.
POSCO said it would adjust production plans and activate emergency operations to limit disruption if the union begins industrial action.
- Who
- POSCO’s labor union and the company.
- What
- The union plans an indefinite strike after wage negotiations failed.
- When
- The strike is planned to start at 7 p.m. on Nov. 2.
- Where
- POSCO’s operations in South Korea.
- Why
- The sides did not reach agreement on wages and other compensation terms.
POSCO union
POSCO
Wage increase
POSCO union
The union seeks a 7.1% basic wage increase.
POSCO
The company offered a 2.5% basic wage increase.
Other compensation
POSCO union
The union seeks a 600% incentive payment, 50 employee shares and a 200% holiday bonus.
POSCO
The company offered a 5 million won lump-sum payment and a holiday bonus of 1 million won plus 10%, rising to 15% after 2028.
Strike and negotiations
POSCO union
The union said the company’s unchanged position on key issues led it to call an indefinite strike.
POSCO
The company said it would continue dialogue and work to conclude wage negotiations amicably.
The union held two rounds of partial strikes amid difficulties in wage negotiations.
POSCO and the union held wage negotiations but did not reach an agreement.
The union announced it would begin an indefinite strike on Nov. 2.
The planned indefinite strike is to start at 7 p.m., with action to expand in stages.
- Planned strike start
- Nov. 2 at 7 p.m.
- Union wage demand
- 7.1% basic wage increase
- Company wage offer
- 2.5% basic wage increase
- Union incentive demand
- 600% incentive payment
- Company lump-sum offer
- 5 million won
1 source
What people are saying
The company’s attitude led the union to decide on an indefinite strike.
Despite the union’s declaration that talks have broken down, we will continue dialogue and work to bring wage negotiations to a smooth conclusion.