POSCO and labor agreed to a tentative wage and collective agreement (labor-management agreement) for 2025, which includes a base salary increase of 110,000 won.
On the previous day, POSCO and the representative negotiating union, the Korean Confederation of Trade Unions (KCTU) Metal Workers' Union POSCO Labor Union, announced that they had reached a tentative agreement after conducting labor-management negotiations at headquarters.
The agreement includes provisions for a base salary increase of 110,000 won, as well as support funds of 2.5 million won for strengthening steel competitiveness, 4 million won for stock purchase support, and 500,000 won in local love gift certificates.
It also includes the establishment of a Productivity Incentive (PI) system, the unification of the wage system that has been operated differently based on the timing of entry, and the expansion of the right to stop work to strengthen workplace safety.
Previously, POSCO and labor conducted negotiations about 10 times from May until recently and had reached a certain degree of consensus on the collective agreement. However, there were differences on wage-related demands, which made negotiations difficult.
The union plans to hold a vote for and against among members next week to confirm the tentative agreement. If a majority of members approve, the labor-management agreement will be finalized.