On the 27th, POSCO announced that it held a signing ceremony for the 2024 wage negotiations with the participation of Lee Hee-geun, the newly appointed Chief Executive Officer, and Kim Seong-ho, Chairperson of the POSCO Labor Union, along with labor-management negotiators at its headquarters in Pohang.
The main points of this wage agreement include a 100,000 won increase in basic salary (Base-up), a 3 million won incentive for achieving management objectives (including 500,000 won in traditional market gift certificates), and a 3 million won incentive for labor-management harmony (encouragement for acquiring employee stock ownership).
This year's wage negotiations proceeded amid a labor-management consensus on the need for morale boosting and improvement in treatment, despite more serious business conditions than ever.
Starting with a meeting on June 27, after six months of negotiations, both labor and management peacefully concluded the wage negotiations, maintaining a tradition of no disputes since its establishment in 1968.
Previously, in the vote on the tentative agreement for the POSCO wage negotiations, there were 5,275 votes in favor (69.33%) and 2,334 votes against (30.67%). The turnout was 97.50%, with 7,609 of 7,804 union members participating.
Meanwhile, POSCO and the labor union also held a signing ceremony for a labor-management coexistence declaration aimed at the sustainable development of steel competitiveness and the creation of a happy workplace, including the signing of the wage negotiations.
Through this declaration, the POSCO labor union and management agreed to work together to strengthen the inherent competitiveness of the steel industry, engage in social responsibility activities, and foster an organizational culture of trust and respect.
As the first step in labor-management coexistence activities, the POSCO labor union plans to donate 100 million won each in local love gift certificates to Pohang on December 27 and to Gwangyang on December 30.