Key facts
- POSCO union members to vote on tentative wage deal Saturday.
- Deal includes 2.6% base pay increase and 6 million won ($4,500) one-off payment.
- Union had threatened indefinite strike from Nov. 2.
Unionized workers at South Korean steelmaker POSCO are set to vote this week on a tentative wage agreement reached with management, the union announced Sunday. The deal, scheduled for a vote on Saturday, includes a 2.6% increase in base pay and a one-off payment of 6 million won ($4,500), along with improved benefits. This agreement comes after 30 rounds of negotiations since June and follows two partial strikes in September, with the union having previously warned of an indefinite strike if an acceptable wage offer was not presented.