Steel, shipbuilding labor tensions to flare up after holiday recess
Labor disputes at major steel and shipbuilding companies are set to resume after a brief recess over the Chuseok holiday, as unions push for higher wages and greater performance-based rewards amid strong earnings and order backlogs. POSCO, HD Hyundai Heavy Industries and Hanwha Ocean entered the holiday with wage talks stalled or unresolved, after their unions staged or threatened labor action…
Labor disputes in the steel and shipbuilding sectors are poised to reignite following a short break during the Chuseok holiday. Key companies like POSCO, HD Hyundai Heavy Industries, and Hanwha Ocean are grappling with stalled or unresolved wage negotiations. Their respective unions have taken or threatened action, demanding higher wages and performance-based rewards.
POSCO's union plans to restart talks after electing new leaders on October 2nd. Unions staged a 48-hour partial strike earlier this month, followed by a 120-hour partial strike that concluded on September 21st. Both parties are at odds over the terms of the pay package, with the union seeking a 7.1% increase in base pay, bonuses equivalent to 600% of base pay, 50 shares under an employee stock ownership plan, and a 200% holiday bonus.
The company faces the risk of further disruptions, especially at shipyards managing multi-year order backlogs.
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Also reported by 2 other outlets
- Steel, shipbuilding labor tensions to flare up after holiday recess koreatimes.co.kr
- Steel, shipbuilding labor tensions to flare up after holiday recess hellenicshippingnews.com
