South Korean manufacturers face labor unrest and wage disputes

South Korean manufacturing sectors are experiencing significant labor unrest. POSCO workers launched a 120-hour partial strike on Wednesday, targeting hot-rolling mills in Pohang and Gwangyang. The walkout follows failed wage negotiations, with the union demanding a 7.1 percent base pay increase and various bonuses, while management has proposed a 2 percent increase. POSCO stated it is implementing emergency measures to maintain production and prevent disruptions to domestic industries.

In the shipbuilding sector, HD Hyundai Heavy Industries workers also expanded their partial strike to seven hours.

Conversely, SK hynix has reached a resolution regarding its wage and collective bargaining agreement. After an initial proposal was rejected by a narrow margin, union members voted to approve a revised amendment. The new agreement increases the cash portion of performance bonuses from 40 percent to 50 percent and allows employees to choose their ratio of cash to company stock in 10 percent increments. The company also agreed to accelerate the payment of deferred bonuses.