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POSCO, labor union reach tentative wage deal, avert strike

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Unionized workers of POSCO Holdings hold a ceremony to celebrate the launch of a collective action committee in front of the company's steel plant in Gwangyang, South Jeolla Province, Sept. 6. Yonhap

POSCO Holdings, Korea's top steelmaker, and its labor union have reached a tentative wage deal, company and union officials said Tuesday, avoiding a strike.

The deal came after unionized workers of POSCO voted to go on strike Monday.

Under the deal, POSCO agreed to increase the basic monthly salary by 100,000 won ($74.2), adopt a biweekly four-day workweek system and provide other benefits, according to officials.

The tentative deal will be officially finalized if the labor union endorses it in a subsequent vote.

The management and the labor union of the company struck a tentative deal early Tuesday morning under the arbitration of the state labor relations committee after rounds of negotiations that began in May to iron out differences over the wage increase. (Yonhap)