Wage talks between POSCO, unionized workers break down

Wage talks between POSCO Co. and its unionized workers have ended without an agreement, according to the union, which has subsequently declared an indefinite strike set to commence from 7 p.m. on November 2. The impasse was primarily due to disagreements over wage increases and other related issues. The union had demanded a significant 7.1 percent increase in basic salary, along with a substantial bonus amounting to 600 percent of the basic salary.

However, POSCO responded with a more modest proposal, offering a mere 2.5 percent increase in basic pay and a one-time payment of five million won ($3,770). Earlier this month, unionized workers at POSCO engaged in two rounds of partial strikes following their inability to reach a resolution in wage negotiations.

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