Posco’s enclosed raw material storage facility at its Pohang steelworks on May 10 [NEWS1]
Steel giants Posco and Hyundai Steel have begun annual wage negotiations with their unions under a new labor law that has handed workers significantly more bargaining power.
Posco's union sent management a list of demands, headlined by a 7.1 percent base salary increase on May 20, according to industry sources on Monday. Formal negotiations are expected to begin in early June.
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Hyundai Steel's labor and management also held their first meeting on May 8 and have since completed four rounds of talks, with the union demanding a 150 percent increase in bonuses compared to last year. Management has not yet offered a proposal, and the union has warned that it must do so at the next session, scheduled for Tuesday.
