POSCO union votes down tentative wage deal
Summary
POSCO unionized workers in South Korea voted down a tentative wage agreement with management on Saturday, with 51.69 percent opposing it. The deal offered a 2.6 percent base-pay increase, a one-off payment of 6 million won and improved benefits. A union official said renegotiations would probably be needed. The sides reached the tentative agreement on Oct. 30 after about 30 rounds of talks since June.
Key Facts
- The vote was 51.69 percent against the agreement and 48.31 percent in favor.
- The union had 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.
- Unionized POSCO workers staged two rounds of partial strikes in September to demand higher wages and bonuses.
The building of POSCO in Nam District, Pohang, North Gyeongsang Province / Yonhap
Unionized workers at Korean steelmaker POSCO on Saturday voted down a tentative wage agreement reached with management that includes a 2.6 percent increase in base pay, union officials said.
The vote showed 51.69 percent of the unionized workers opposed the wage agreement, while 48.31 percent approved it, according to the union.
The tentative wage deal includes a 2.6 percent hike in base pay, a one-off payment of 6 million won ($4,500) and improved benefits.
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.
"We will probably need to open renegotiations as there were many opposing votes," a union official said.
The union and management reached a tentative wage agreement on Oct. 30 after holding about 30 rounds of talks since June.
Unionized POSCO workers staged two rounds of partial strikes in September to demand higher wages and bonuses.
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