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 ...
Labor disagreements at leading steel and shipbuilding firms are poised to reignite following a short break during the Chuseok holiday, as unions push for increased wages and more performance-based incentives. POSCO, HD Hyundai Heavy Industries and Hanwha Ocean found themselves at a standstill with wage discussions, following their unions' strikes or threats of action over their demands. The potential for additional disruptions looms, especially at shipyards grappling with multi-year order backlogs.
At POSCO, negotiations are set to recommence after the company's union elected fresh leadership on October 2. The union staged a 48-hour partial strike earlier in the month, followed by another 120-hour partial strike that concluded on September 21. The two parties are at odds regarding the extent and arrangement of the pay package. The union is demanding a 7.1 percent raise in base salary, bonuses equivalent to 600 percent of the base pay, 50 shares in an employee stock ownership plan, and a 200 percent holiday bonus.
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- Steel, shipbuilding labor tensions to flare up after holiday recess koreatimes.co.kr
