Management and labor of 17 affiliates of POSCO, including POSCO Engineering & Construction and POSCO Energy, reached an agreement on pay raise for 2013 and 2014 without conflicts, POSCO said in a press release.
Different from the dominant annual pay raise negotiations in Korea, the nation’s top steelmaker and its affiliates adopted two-year term pay raise negotiations in 2007 and 2012, respectively.
“POSCO’s agreement on pay increase for multiple years could be a model for the nation’s consummative and conflicting labor-management relations,’’ the steelmaker said.
Based on past experience, POSCO said the new paradigm in pay raise negotiations creates a win-win situation for employer and employees.
“Employees can also benefit from the new pay raise system as they can predict their income level for two years and thus more stably manage their household budget,’’ the company said.
(
jyseo@heraldcorp.com)
