POSCO workers will vote this week on a tentative wage agreement after months of negotiation, Yonhap reported on Sunday. The deal offers a 2.6 percent increase in base pay, a one‑off payment of 6 million won (US$4,500), and improved benefits, falling short of the union's original 7.1 percent demand.
Unionized employees at the South Korean steelmaker staged two partial strikes in September and have held 30 rounds of talks since June. Last week, the union warned it would begin an "indefinite" strike from Nov. 2 unless the company presented an acceptable offer.
The tentative deal was reached on Friday, according to the union. It includes the 2.6 percent raise, the 6 million‑won payment, and better benefits. Management’s prior offer had a 2.5 percent pay increase and a 5 million‑won one‑off payment.
Union representatives say the original demand included a 7.1 percent base‑pay hike, a performance bonus worth 600 percent of base pay, 50 company shares per worker, and a holiday bonus equal to 200 percent of base pay. The union also cited staffing shortages and aging facilities as risks for workplace accidents.
Members are scheduled to vote on the proposal on Saturday, with the outcome deciding whether the proposed strike will begin. If the deal is rejected, the union's threat of an indefinite strike could halt production at the steelmaker's plants.
