The Hyundai Steel unions have accepted a tentative agreement with the company, marking the beginning of the end for wage and collective bargaining negotiations that have extended into the new year. This comes about seven months after the first negotiations began in September of last year.
According to the steel industry on the 13th, the National Metal Workers' Union, Chungnam Branch, Hyundai Steel Chapter conducted a vote on the tentative agreement from 4 p.m. on the 11th until this day, with a total voter turnout of 98.96%, resulting in 57.86% (2,375 votes) in favor and 42.14% (1,730 votes) against, thus passing the agreement.
The union that passed the tentative agreement on this day is the largest union affiliated with Hyundai Steel located at the Dangjin Steelworks. In addition to Dangjin, Hyundai Steel has four other unions in Incheon, Suncheon, Pohang, and HiSeCo. Among them, the Suncheon union previously conducted a vote on the tentative agreement, which passed with 58.4% (188 members) in favor.
Hyundai Steel management and labor presented a tentative agreement for the 2024 wage and collective bargaining negotiations on the 10th, setting the performance-based pay at 450% of the basic salary with a fixed payment of 10.5 million won. The fixed amount was increased by 500,000 won from the company's previous proposal. Once the agreement is ratified at three chapters currently in voting, the negotiations will be concluded.