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POSCO Reaches 2023 Wage and Collective Bargaining Agreement Following Union Vote

South Korea
p 005490.KO Blue Chip 150
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POSCO has successfully concluded its 2023 collective wage agreement after a majority of union members voted in favor of the provisional agreement. The Federation of Korean Trade Unions (POSCO Union), representing multiple unions within POSCO, announced that 50.91% of the 10,856 participants voted in favor, while 49.09% opposed the agreement.

The negotiations, which commenced on May 24, saw the first strike in the company’s history before reaching a provisional agreement on October 31 after a mediation meeting at the Central Labor Relations Commission.

Key components of the agreement include a 100,000 won increase in the basic wage (approximately 170,000 won including natural increase), the issuance of 4 million won worth of stocks, a lump sum payment of 2.5 million won to encourage participation in emergency management, a payment of 500,000 won in local gift certificates, and the introduction of a 4-day work system every other week.

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