POSCO to Establish Welfare Fund for Partner Company Employees

On the 24th, at the POSCO headquarters in Pohang, representatives from POSCO and its partner companies held a commemorative ceremony for the 'POSCO Partner Companies Win-Win Development Joint Declaration.' From the left: Kim Heon-deok, Co-Chairman of the Pohang Partner Companies Win-Win Council; Kim Hak-dong, President of POSCO; Kim Yoo-young, Co-Chairman of the Gwangyang Partner Companies Win-Win Council; Kim Kyung-seok, Chairman of the POSCO Labor Union; Choi Jeong-woo, Chairman of POSCO; Moon Sung-hyun, Chairman of the Economic, Social and Labor Council; Lee Cheol-woo, Governor of Gyeongbuk Province; Lee Kang-deok, Mayor of Pohang; Kim Jeong-jae, Member of the National Assembly; Kim Byung-wook, Member of the National Assembly. Photo by POSCO

[Asia Economy Reporter Choi Dae-yeol] POSCO announced a joint declaration for win-win development with its partner companies on the 24th. The Win-Win Cooperation Council, composed of labor and management representatives from POSCO and its partner companies, set specific tasks aimed at mutual growth between large and small-medium enterprises, strengthening global competitiveness, and the growth and development of the regional industrial ecosystem.

According to the joint declaration, POSCO will strive to create conditions where partner company employees can work safely, resolve wage gaps, and improve welfare benefits. It will support partner companies to grow into specialized strong small and medium enterprises. About 90 partner companies in each region agreed to participate as win-win growth partners to strengthen technological competitiveness and create a safe working environment.

The event was attended by Moon Sung-hyun, Chairman of the Economic, Social and Labor Council; Lee Cheol-woo, Governor of Gyeongsangbuk-do; Lee Kang-deok, Mayor of Pohang; National Assembly members Kim Jeong-jae and Kim Byung-wook; Kim Yoon-tae, Head of Daegu Regional Employment and Labor Office; labor and management representatives of POSCO partner companies; Kim Kyung-seok, Chairman of the POSCO Labor Union; and Choi Jeong-woo, Chairman of POSCO. Chairman Moon said, "This joint declaration ceremony is a model case of social dialogue to realize inclusive growth and has high value as a model for dialogue and communication between large and small-medium enterprises to be utilized in the industrial sector."

Additionally, partner companies decided to establish joint labor welfare funds in Pohang and Gwangyang within this year. The funds will be contributed by POSCO. A scholarship system for the children of partner company employees will be established and used for overall welfare benefits. Approximately 16,000 employees will receive these benefits. Chairman Choi Jeong-woo of POSCO said, "Let us work together to realize the fundamental value of win-win development for the new leap of the 100-year company and become reliable partners to each other." Kim Yu-young, Co-Chairman of the Gwangyang Partner Company Win-Win Cooperation Council, said, "Each partner employee will devote their utmost effort to continuously maintain the most competitive position as a steel company."