POSCO wage deal rejected, raising prospect of prolonged labor dispute
POSCO is facing the prospect of a prolonged labor dispute after union members rejected a tentative wage agreement, leaving the steelmaker struggling to reach a deal following the first strike in its history. The company’s labor union on Sunday said its members had rejected the tentative wage agreement in a vote. Of the 9,177 ballots cast, 4,433 votes, or 48.31 percent, were in favor, while 4,744,…
POSCO faces the potential for an extended labor dispute after union members voted down a tentative wage agreement, marking the company's first strike. The 9,177 ballots cast revealed 48.31 percent in favor and 51.7 percent against the proposal. The rejection has left the future of negotiations uncertain, as the union is likely to demand more favorable terms.
However, it is unclear how accommodating management will be given the industry's downturn. Wage talks commenced on June 16 and involved approximately 30 rounds of discussions, but no agreement could be reached on pay increases and other benefits. The union had initially pushed for a 7.1 percent increase in base pay, a performance bonus worth six times the base pay, 50 shares of company stock per worker, and a holiday bonus of 200 dollars each.
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