Pohang: The labor union of South Korean steelmaker POSCO Co. on Wednesday initiated a two-day partial strike after failing to reach an agreement with management over wages and other compensation. This action represents the first-ever strike by POSCO workers since the company's establishment in 1968.
According to Yonhap News Agency, the 48-hour partial strike commenced at 7 a.m., involving 40 workers at the Pohang plant and 80 at the Gwangyang plant. POSCO employs approximately 17,000 individuals, with around 10,100 being union members.
The company has stated that the limited number of workers participating in the strike is expected to have minimal impact on steel production. POSCO further assured that measures will be taken to prevent disruptions to overall plant operations.
The union's demands include a 7.1 percent increase in base pay, a 600 percent performance bonus, 50 company shares per worker, and a 200 percent holiday bonus. On the other hand, management has proposed a 2 percent increase in base pay, highlighting the significant gap between the two parties on critical wage issues.