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POSCO Averts Historic Strike with Tentative Agreement on Wages and Workweek

POSCO labor and management settle dispute with '4-day workweek', wage hike, and bonuses, marking company's first strike crisis resolution
South Korea
p 005490.KO Blue Chip 150
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POSCO, established in 1968, successfully navigates its first strike threat through a tentative agreement on wages and collective bargaining. Key points include a ‘4-day workweek’, increased basic wage, stock shares, lump sum payment, and local gift certificates. Additionally, a task force will focus on re-recruiting retired workers, implementing performance bonuses, and redesigning welfare benefits. Pending approval by union members, this agreement will solidify the final wage arrangement, concluding a 24-round negotiation process. After previous attempts, mediation was sought, and a strike was authorized by 75% of union votes. Despite challenges, direct intervention by the Central Labor Committee chairman led to the provisional plan’s creation. Both POSCO and union representatives express hope for smooth member voting on the tentative agreement.

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