POSCO union to vote on tentative wage deal this week

Seoul, November 1 - Workers at South Korean steel manufacturer POSCO will cast ballots this week on a provisional wage deal with management, according to the union. The two parties have engaged in 30 rounds of talks since June, with the union organizing two partial strikes in September to push for higher wages and bonuses. The union has now accepted the company's latest proposal, which entails a 2.6% boost in base pay, a one-time payment of 6 million won (approximately US$4,500), and enhanced benefits.

Union members are set to decide on the agreement on Saturday. Initially, the union sought a more substantial 7.1% rise in base pay, a performance bonus amounting to 600% of base pay, 50 shares of company stock per employee, and a holiday bonus equivalent to 200% of base pay. Beyond increased wages, the union cited staffing shortages and aging infrastructure as potential risks of workplace accidents.

Management's earlier offer comprised a 2.5% increase in base pay and a one-off payment of 5 million won.