SEOUL, Oct. 31 (Yonhap) — POSCO Holdings Inc., South Korea’s leading steelmaker, and its labor union have come to an agreement in principle on a wage deal, avoiding a strike, company and union officials said Tuesday.
The deal was reached after unionized workers of POSCO voted to go on strike Monday.
The agreement includes a 100,000 won (US$74.2) increase in the basic monthly salary, a biweekly four-day workweek system, and other benefits, according to officials.
The tentative deal must be formally ratified in a subsequent vote by the labor union.
The management and the union of the company reached the agreement early Tuesday morning following discussions that began in May to address differences over the wage increase, with the help of the state labor relations committee.
Unionized workers of POSCO Holdings Inc. hold a ceremony to celebrate the launch of a collective action committee in front of the company's steel plant in Gwangyang, about 290 kilometers south of Seoul, in this file photo taken Sept. 6, 2023. (Yonhap)
nyway@yna.co.kr
(END)
Related Articles Unionized workers of POSCO Holdings vote for strike over pay raise