POSCO E&C, Ministry of Employment and Labor Sign Business Agreement on 'Preventing Wage Arrears and Promoting Safety Culture'

Mandatory Separate Payment System for Labor Costs Applied to All Sites

POSCO E&C will prevent wage arrears for construction workers and support partner companies in establishing safety and health management systems.

On the 4th, POSCO E&C announced that it signed a business agreement with the Central Regional Employment and Labor Office of the Ministry of Employment and Labor at its Songdo office in Incheon to promote the "Prevention of Wage Arrears for Construction Workers and the Spread of Safety Culture."

Through this agreement, POSCO E&C and the Central Regional Employment and Labor Office will expand the mandatory system of separate labor cost payments, which was previously applied only to public institution-ordered sites, to all construction sites to prevent wage arrears.

They will also support partner companies in establishing safety and health management systems, including risk assessments, to prevent safety accidents at construction sites.

Jeon Jung-seon, President of POSCO E&C, stated, "We plan to make further efforts to provide various support for establishing safety management systems for partner companies and to solve the social issue of wage arrears," adding, "We will do our best to create shared value with our partners and foster a robust industrial ecosystem."

Min Gil-su, Director of the Central Regional Employment and Labor Office of the Ministry of Employment and Labor, said, "The expansion of separate labor cost payments to all sites is a meaningful starting point and I hope it will be extended to other construction companies' sites," and added, "I wish this agreement will help prevent wage arrears in the construction industry and promote industrial safety."