Hyundai Steel labor and management prepared a tentative agreement on this year's wage and collective bargaining.
According to the industry on the 31st, Hyundai Steel labor and management tentatively agreed that day to raise the base salary by 80,000 won; pay a performance bonus of 300%, 5 million won in cash, and 300,000 won in Onnuri gift certificates.
It was also understood that the discussions between labor and management included plans to seek job stability amid rapid changes in the industrial environment, such as artificial intelligence (AI) technology innovation, and to guarantee employment until the mandatory retirement age for union members currently working at all domestic business sites.
The union plans to hold a vote of union members on the tentative agreement. If the agreement passes in the vote, this year's wage and collective bargaining talks will be finalized.
Hyundai Steel labor and management held 15 rounds of talks in total, starting with a kickoff meeting on May 8. The union secured the right to strike after the Central Labor Relations Commission decided to suspend mediation last month and union members voted on whether to take industrial action, but the possibility of a strike has diminished with the tentative agreement.
Hyundai Steel also signed basic principles on negotiations between original contractors and subcontractors with the unions of its four subsidiaries—ITC (Dangjin, South Chungcheong), ISC (Incheon), IMC (Pohang, North Gyeongsang), and IEC (Suncheon, South Jeolla)—on the 29th and entered negotiation procedures.