[Alpha Biz=(Chicago) Reporter Paul Lee] POSCO's labor and management reached a tentative agreement on wages and collective agreements on the 31st. As a result, POSCO has overcome the first strike crisis in 55 years.

According to POSCO's labor and management, the POSCO Labor Union of the Federation of Korean Trade Unions, a representative negotiating union among POSCO's multiple unions, decided to accept the proposal proposed by the company at a mediation meeting of the National Labor Relations Commission. The coordination meeting held in Sejong at 3 p.m. the previous day lasted all night and ended the next morning.

The main contents of the agreement include an increase in the basic wage by 100,000 won (170,000 won including a natural increase), 4 million won in shares, 2.5 million won in lump sum payment (encouragement to participate in emergency management), 500,000 won in local gift certificates and the introduction of a four-day work system every other week. The tentative agreement exceeds the previous year's level. Separately, labor and management agreed to form a task force (TF) to introduce a management incentive system, a job-based pay system and redesign welfare benefits.

However, there is still a voting process for and against the union members asking whether to accept the tentative agreement. Negotiations for wage and collective bargaining will be finalized this year only when a majority of the votes are in favor. If it is rejected, it should be renegotiated.

 

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