All Five Branches Approve the Tentative Agreement
Hyundai Steel's labor and management have finalized the 2024 wage and collective bargaining agreement. It took about seven months since the first negotiation began in September last year.
According to the steel industry on the 15th, the tentative agreement on wages and collective bargaining, which was put to a union member approval vote until the day before by five Hyundai Steel union branches (Incheon, Dangjin, Suncheon, Pohang, and Hysco), was approved with a majority vote in all branches.
Earlier, on the 9th, the Hyundai Steel union had tentatively agreed on a collective bargaining agreement that included a wage increase of 101,000 won and a performance bonus payment of '450% of the base salary + 10.5 million won.'
With the tentative agreement approved in the union member vote, Hyundai Steel has completed all negotiations for the 2024 wage and collective bargaining that started in September last year.
Over the past seven months, Hyundai Steel's labor and management had conflicts, repeatedly going through strikes, workplace lockouts, strike withdrawals, and resumptions due to disagreements over issues such as performance bonuses.
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