POSCO union votes down tentative wage deal
Union members vote down a deal that included a 2.6 percent base pay increase
Quick Look
Unionized workers at South Korean steelmaker POSCO voted down a tentative wage agreement that offered a 2.6 percent base pay increase, with 51.69 percent opposing the deal.
AI-generated summary
Why It Matters
Union and management reached a tentative wage agreement on Oct. 30 after holding about 30 rounds of talks since June.
SEOUL, Nov. 7 (Yonhap) -- Unionized workers at South Korean steelmaker POSCO on Saturday voted down a tentative wage agreement reached with management that includes a 2.6 percent increase in base pay, union officials said.
The vote showed 51.69 percent of the unionized workers opposed the wage agreement, while 48.31 percent approved it, according to the union.
The tentative wage deal includes a 2.6 percent hike in base pay, a one-off payment of 6 million won (US$4,500) and improved benefits.
The union had initially demanded a 7.1 percent increase in base pay, a performance bonus equivalent to 600 percent of base pay, 50 company shares per worker and a holiday bonus equivalent to 200 percent of base pay.
"We will probably need to open renegotiations as there were many opposing votes," a union official said.
The union and management reached a tentative wage agreement on Oct. 30 after holding about 30 rounds of talks since June.
Unionized POSCO workers staged two rounds of partial strikes in September to demand higher wages and bonuses.
What to Watch
AI outlook — possibilities, not facts
POSCO and the union will open renegotiations on wages.
Very likely · Within weeks
Open Questions
- When will renegotiations between POSCO and the union begin?
- Will workers stage further strikes?
