POSCO Union Launches First Strike in Company History Over Wage Dispute
POSCO workers have launched the first strike in the steelmaker’s history after labor and management failed to narrow their differences over wage negotiations.The POSCO labor union, affiliated with the Federation of Korean Metal Workers’ Unions under the Korea Metal Workers’ Federation, began a 48-ho
The steelmaker POSCO experienced its first-ever strike on September 9, 2023, as labor union members walked off the job in a dispute over wages. This marks a significant moment in the company's 55-year history, beginning operations in 1968. Affiliated with the Federation of Korean Metal Workers’ Unions, the union called for a 48-hour partial strike at its Pohang and Gwangyang steel works.
Roughly 40 workers at Pohang and 80 at Gwangyang initially participated, though POSCO estimated a smaller turnout. With around 17,000 employees, nearly 8,000 at each works, the strike represented only about 1% of the unionized workforce. The main issue was the gap between the union's 7.1% wage increase demand and management's 2% proposal.
The union also sought incentives worth 600% of monthly wages, employee stock shares, and expanded holiday bonuses. POSCO countered with a 3.5 million won performance incentive and long-service bonus expansion. Despite the company's preparations, the union warned of expanding the strike if talks fail. The outcome hinges on the progress of ongoing negotiations.
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Also reported by 2 other outlets
- POSCO workers stage partial strike over wage dispute en.yna.co.kr
- POSCO workers stage partial strike over wage dispute koreatimes.co.kr
