A view of Hyundai Steel's Dangjin Steelworks. (Photo courtesy of Hyundai Steel)

 

 

[Alpha Biz= Kim Jisun] Hyundai Steel and its labor union have reached a tentative agreement on wage negotiations and collective bargaining, signaling a possible resolution to a labor dispute that has persisted since September last year.


According to the steel industry on Thursday, the two sides agreed to a wage increase of 101,000 KRW, a bonus equivalent to 450% of base salary, and a performance bonus of 10.5 million KRW.


The labor union will hold a vote among its members on the proposed deal from Thursday through April 13. If approved, the agreement would conclude the 2024 wage and collective bargaining negotiations that have dragged on since last fall.


Previously, the two parties had clashed over performance bonuses and other key issues, leading to repeated cycles of strikes, lockouts, and resumed walkouts. Earlier this year, a series of guerrilla-style strikes by the union prompted Hyundai Steel to declare an emergency management status last month.

 

 

 

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