Hyundai Steel labor and management on the 5th wrapped up this year's wage and collective bargaining agreement.
According to the Hyundai Steel chapter of the Korean Confederation of Trade Unions (KCTU) Metal Workers' Union on the day, labor and management at Hyundai Steel reached a tentative agreement on the 31st to raise the base salary by 80,000 won, pay a performance bonus of 300% and 5.3 million won in cash, and raise allowances by 5,045 won.
The tentative deal also includes guaranteeing the mandatory retirement age for current union members and paying a 2.5 million won incentive for mass-producing low-carbon steel sheets.
In connection with this, the tentative agreement was approved in a vote of union members held from the 3rd to the day. Of the 7,179 members who voted, 4,064 (56.5%) voted in favor.
Earlier, labor and management held 15 rounds of talks over about three months, starting with a May 8 kickoff meeting. With the agreement, Hyundai Steel has dispelled concerns about a strike.
Hyundai Steel is also conducting separate negotiations with four unions at its subsidiaries: ITC (Dangjin, South Chungcheong), ISC (Incheon), IMC (Pohang, North Gyeongsang), and IEC (Suncheon, South Jeolla).
Separately, the Hyundai Steel contingent workers' chapter is also demanding talks with the parent company.
A Hyundai Steel official said, "Labor and management shared an understanding of the business difficulties, which allowed a swift conclusion to this year's wage and collective bargaining."