HomeEconomyStrike truck drivers in South Korea say government talks fail to reach... Economy Strike truck drivers in South Korea say government talks fail to reach deal By farahat November 28, 2022 0 88 views Share FacebookTwitterPinterestWhatsApp PKX +1.% Add to Watchlist/From Remove from watchlist Add to Watchlist Add location Location successfully added to: Please name your portfolio type: purchase Sell date: quantity: price Point value: Leverage: 1:1 1: 1: 1: 10 1: 000 1:10 CREATE NEW CREATE WATCHLIST 4000 1000 Create a new holding portfolio Add Create 1000 + add another position to close By Joyce Lee and Heekyong Yang SEOUL (Reuters) Breakdowns worsened, construction sites ran out of concrete and South Korea failed to reach an agreement with the striking truckers union in the first talks on Monday, the fifth day of a nationwide strike. The government estimates the daily loss is about 70 Billion won ( Ten thousand) Highest level of disruption in cargo transport warning due to low supply of cement and fuel at gas stations. Thousands of truck drivers demand better wages and working conditions, but second general strike in less than six months goes unresolved The government is more likely to legally force strikers to return to work. The Cargo Truck Drivers Solidarity Union (CTSU) said in a statement that “the Ministry of Transport’s position today is that ‘the Ministry cannot answer'” , adding that the next round of talks is scheduled for Wednesday. The union said it had asked the government to backtrack on the step of issuing an “undemocratic and unconstitutional” “start-to-work order”, adding that a deal would need to be reached forward-looking position on each request. The law allows the use of such orders to address serious traffic disruptions, non-compliance can result in penalties such as suspension of truck driver licenses and three years in prison , or a fine of up to million won ($ ,224)). Strikes are incorrect In the export-reliant Asia’s fourth-largest economy, which is projected to slump in growth, the central bank has downgraded Its forecast was raised to 1.7% from 2.1%. President Yoon Hee-yeol said on Monday, “We need to establish the rule of law between labor and capital.” Yoon, who has criticized the strike as taking the country’s logistics “hostage” in the face of the economic crisis, will call a cabinet meeting on Tuesday to consider “starting work” in order to get truck drivers back to work, his office said. Once the cabinet decides on the order, it will be implemented immediately, said Transport Minister Won Hee-ryong. The Truckers union has criticized the government for not wanting to extend the minimum wage for another three years instead of meeting the union’s demands to make it permanent and expand its scope. Container traffic drops Port Container Traffic for % of normal level Yes(000 On Monday, the Department of Transportation said Friday’s figures were %. Iron and steel industry, including 500224 POSCO (NYSE: 0100PKX) and Hyundai Steel, shipments halved to , t Sunday, below the usual average 000, Ton, the Department of Transportation said. Some gas stations could run out of petrol and kerosene as early as this week, especially in big cities, although supplies were secured ahead of the strike. That’s because about 25% to11 major refineries (such as SK Energy from SK Innovation and S-Oil Corp’s truck drivers were union members on strike. Work has stopped since last week for more than construction site due to concrete Supplies are scarce and most sites are expected to run out by Tuesday, the transportation ministry said. The cement industry estimates that the cumulative output loss is about .4 billion won ( $ million) The Korea Cement Association said shipments will drop to 9% of usual levels by Saturday. “Non-union bulk cement truck owners, secretly Sympathetic, or out of fear of illegal activities by freight unions, cement shipments are being abandoned,” the lobby group said in a statement. ($1=1,50.200 won) Share FacebookTwitterPinterestWhatsApp Previous articleThanksgiving box office: 'Black Panther 2' hits $64M, 'Oddworld' flops to $18.6MNext articleAlexander Volkanovski Launches UFC 284 'Double Champ Camp' Series farahat RELATED ARTICLES Economy ECB tightening cycle nears end, but still in final stages, says De Guindos June 1, 2023 Economy Sri Lanka cuts 250 bps, marks rebound from crisis June 1, 2023 Economy Analysis – Struggling Chinese local governments find funding loophole, life-saving straw in 'pearl debt' June 1, 2023 LEAVE A REPLY Cancel reply Comment: Please enter your comment! Name:* Please enter your name here Email:* You have entered an incorrect email address! Please enter your email address here Website: Save my name, email, and website in this browser for the next time I comment. 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