On the 17th, POSCO announced that it has reached a tentative agreement for the 2024 wage negotiations, which includes a basic salary increase of 100,000 won. The agreement was reached after six months of wage negotiations, beginning with a meeting between labor and management on June 27.
This tentative agreement includes ▲ a basic salary (Base-up) increase of 100,000 won ▲ a performance incentive payment of 3 million won (including a 500,000 won traditional market gift certificate) and a labor-management harmony incentive payment of 3 million won (to encourage stock acquisition) ▲ an increase in scholarship support standards for children ▲ an increase in childbirth incentives ▲ an increase in holiday incentive payments, among others.
According to the union regulations, the tentative agreement will be finalized if a majority of union members vote in favor during the vote, and a signing ceremony is planned to follow shortly. If this year's negotiations conclude peacefully, POSCO will continue its tradition of no labor disputes since its establishment in 1968.
Last year, the vote on the tentative agreement had participation from 10,856 out of 11,245 total union members, with 5,527 votes in favor (50.9%), resulting in its passage. Following the tentative agreement, the union canceled the planned protest in Gangnam, Seoul, scheduled for the 19th.