POSCO union announces indefinite strike after failed wage talks

Wage negotiations between South Korean steelmaker POSCO and its labor union have collapsed, leading the union to announce an indefinite strike scheduled to begin at 7 p.m. on November 2.

The breakdown follows a series of failed negotiations regarding salary increases and benefits. The union has demanded a 7.1 percent increase in basic pay, a performance bonus equivalent to 600 percent of base pay, 50 company shares per worker, and a 200 percent holiday bonus. In contrast, management’s final offer included a 2.5 percent increase in basic pay and a total one-off payment of 5 million won (comprising a 3.5 million won goal achievement incentive, 500,000 won in local gift certificates, and a 1 million won settlement bonus).

Management has also proposed expanded welfare benefits, including increased medical support for employees and their families, and enhanced support for infertility treatments and children with disabilities. However, the union maintains that these measures do not sufficiently compensate for the sacrifices made by workers.

POSCO has stated it will implement emergency operating systems and adjust production plans to minimize disruptions to customers and domestic industries. The company expects approximately 60 workers from both the Pohang and Gwangyang plants to participate in the initial strike actions.