Why did POSCO union members threaten an indefinite strike?

The union said it would strike from Nov. 2 unless POSCO presented an acceptable wage offer. It had sought higher pay and bonuses, and also pointed to staffing shortages and aging facilities as concerns that could heighten workplace accident risks.

How did POSCO and its union reach a tentative wage deal after months of negotiations?

The two sides held 30 rounds of negotiations beginning in June, while union members staged two partial strikes in September. The tentative agreement came on Friday after the union had warned of an indefinite strike unless the company made an acceptable offer.

POSCO union to vote on tentative wage deal this week

Q: What does POSCO’s tentative wage agreement offer union members?

The proposed package includes a 2.6 percent increase in base pay, a one-off payment of 6 million won ($4,500) and improved benefits. Union members are scheduled to vote on the agreement on Saturday.

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Summary

POSCO and its union reached a tentative wage agreement on Friday, and union members are scheduled to vote on it on Saturday. The deal followed 30 rounds of negotiations since June and two partial strikes in September. It includes a 2.6 percent base-pay increase, a one-off payment of 6 million won and improved benefits.

Key Facts

The union initially sought a 7.1 percent base-pay increase, a performance bonus equal to 600 percent of base pay, 50 company shares per worker and a holiday bonus equal to 200 percent of base pay.
The union had said it would begin an indefinite strike from Nov. 2 unless POSCO made an acceptable wage offer.
The union cited staffing shortages and aging facilities as factors that could heighten workplace accident risks.
Management’s previous offer included a 2.5 percent base-pay increase and a one-off payment of 5 million won.

By Yonhap

Published Nov 1, 2026 11:11 am KST

POSCO logo / Korea Times file

Unionized workers at South Korean steelmaker POSCO will vote this week on a tentative wage agreement reached with management, the union said Sunday.

The two sides have held 30 rounds of negotiations since June, while the union staged two partial strikes in September to demand higher wages and bonuses.

Last week, the union said it would launch an "indefinite" strike from Nov. 2 unless the company presented an acceptable wage offer.

On Friday, the union reached a tentative agreement on the company's latest offer, which includes a 2.6 percent increase in base pay, a one-off payment of 6 million won ($4,500) and improved benefits. Union members are scheduled to vote on the deal on Saturday.

The union had initially demanded a 7.1 percent increase in base pay, a performance bonus equivalent to 600 percent of base pay, 50 company shares per worker and a holiday bonus equivalent to 200 percent of base pay.

In addition to higher wages, the union cited staffing shortages and aging facilities as factors that could heighten the risk of workplace accidents.

Management's previous offer included a 2.5 percent increase in base pay and a one-off payment of 5 million won.

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