POSCO and workers' union deadlock leads to indefinite strike starting Nov. 2
Wage talks between POSCO Co. and its union have broken down, prompting an indefinite strike beginning at 7 p.m. on Nov. 2.
Negotiations over pay and bonuses between POSCO Co. and its unionized workforce stalled, with the union demanding a 7.1% salary rise and a 600% bonus. POSCO countered with a 2.5% increase and a one-off payment of five million won. The union announced it will commence an open-ended strike on Nov. 2 at 7 p.m. Earlier, workers staged two partial strikes after talks failed to close the gap.
Why it matters
The strike could disrupt steel production and affect South Korea's manufacturing sector and broader economy.
In this story
wage negotiationsindefinite strikebasic salary increasebonus demandpartial strikesteel productionSouth Korea
