Seoul:Unionized workers at South Korean steelmaker POSCO are set to vote this week on a tentative wage deal reached with management, as announced by the union on Sunday. This development comes after extensive negotiations and partial strikes aimed at securing better pay and conditions.

According to Yonhap News Agency, the union and management have engaged in 30 rounds of talks since June. The union has also conducted two partial strikes in September to press for increased wages and bonuses. Initially, the union demanded a 7.1 percent rise in base pay, a performance bonus of 600 percent of base pay, 50 company shares per worker, and a holiday bonus equivalent to 200 percent of base pay.

Last week, the union threatened to initiate an "indefinite" strike starting November 2 if an acceptable wage offer was not presented. However, on Friday, the parties reached a tentative agreement that includes a 2.6 percent base pay increase, a one-time payment of 6 million won (approximately US$4,500), and enhanced benefits. Union members are expected to cast their votes on this proposal on Saturday.

The union highlights concerns beyond wages, pointing to staffing shortages and aging facilities as potential risks for workplace accidents. The management's previous offer consisted of a 2.5 percent base pay increase and a one-off payment of 5 million won.