POSCO to face first-ever strike due to failure in wage negotiations
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Update time : 2024-12-02 19:18:02
Unionized workers at POSCO voted in favor of collective action last Monday (November 25), with 72.25% of members in favor of a strike, putting the company at risk of its first strike in its 56-year history.
The union demanded an 8.3% increase in base wages and a bonus equivalent to 300% of employees' monthly base wages, but the company refused.
Since the differences between labor and management have not been narrowed, the National Labor Relations Commission terminated the arbitration last Thursday.
Still, unions remained wary of strikes as management planned to continue negotiations. Last year, the two sides reached an agreement amid a similar standoff.
Market participants believed that since POSCO has sufficient steel inventories, there would be a limited direct impact on production.
