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Fed: Elevated inflation will likely delay rate cuts this year
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Posco, South Korea's top steelmaker, said Friday it has started this year's collective bargaining with its union.
The union has made various requests to the management, including a base pay increase and an extension of the retirement age.
Posco currently has two labor unions, but the one affiliated with the Federation of Korean Trade Union is recognized as the representing union with more than 6,600 members after receiving approval from the National Labor Relations Commission last December.
The smaller union under the Korean Confederation of Trade Union reportedly has some 2,000 members.
Posco, founded in 1968, had its first union in the late 1980s, with its members peaking at more than 18,000. Posco said 15,000 of its current 16,000 workers are eligible to join the union. (Yonhap)
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