POSCO Wage Talks Resume Ahead of Possible Strike

POSCO labor representatives and management are set to reconvene for wage negotiations at the company's headquarters in Pohang, North Gyeongsang Province, starting at 10:30 a.m. on October 30. This meeting comes as the union, representing the Federation of Korean Metalworkers Trade Unions and the Federation of Korean Trade Unions, faces a critical moment ahead of a potential third strike.

The talks were suspended following the 28th round of negotiations on October 23, but resumed through working-level discussions on the afternoon of October 29.

As this round of main negotiations takes place three days before the union's announced indefinite strike, the focus is on whether a last-minute agreement can be reached. The gap between labor and management remains significant, with the union maintaining its demands for a 7.1% increase in base pay, a 600% encouragement payment, 50 shares of employee stock ownership, and a 200% holiday bonus.

In contrast, the company has proposed a more modest 2.5% rise in base pay, a lump-sum payment of 5 million won ($3,612), and a holiday bonus of 1 million won ($722) plus 10% of base pay, increasing to 15% after 2028.

If no progress is made in these talks, the union has threatened to commence an open-ended strike starting at 7 p.m. on November 2. This strike, which could expand in stages depending on the situation, would place considerable pressure on management. The union has previously conducted two partial strikes last month, one lasting 48 hours and the other 120 hours, but the planned third strike is expected to be indefinite with no predetermined end date.