POSCO union votes down tentative wage deal

Detailed summary

SEOUL, Nov. 7 (Yonhap) -- Unionized workers at South Korean steelmaker POSCO on ...

SEOUL, Nov. 7 (Yonhap) -- Unionized workers at South Korean steelmaker POSCO on Saturday voted down a tentative wage agreement reached with management that includes a 2.6 percent increase in base pay, union officials said.

The vote showed 51.69 percent of the unionized workers opposed the wage agreement, while 48.31 percent approved it, according to the union.

The tentative wage deal includes a 2.6 percent hike in base pay, a one-off payment of 6 million won (US$4,500) and improved benefits.

The union had initially demanded a 7.1 percent increase in base pay, a performance bonus equivalent to 600 percent of base pay, 50 company shares per worker and a holiday bonus equivalent to 200 percent of base pay.

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