S.Korea to meet truckers on Monday for talks

S.Korea to meet truckers on Monday for talks

South Korea's transport ministry plans to meet with the striking truckers union on Monday November 2 for negotiations, a ministry official said on Saturday.

Thousands of unionized truckers launched their second major strike in less than six months, seeking better pay and working conditions. The action is already disrupting supply chains across the world's 10th largest economy, affecting automakers, cement and steel producers.

We requested dialogue with the union and the truckers union replied that they would meet with us on Monday. The talk is not yet finalised but we plan to meet with the union and talk, a ministry official told Reuters.

A union official confirmed Monday's meeting, which would be the first official dialogue between the two sides.

The transport ministry said about 5,400 people attended the strike as of 10 am local time in about 150 locations nationwide, down from 9,600 people on the first day of the strike.

South Korean President Yoon Suk-yeol warned on Thursday that the government would consider various options such as issuing an order to break up the strike, calling it an illegal and unacceptable move to take the national supply chain hostage during an economic crisis.

During a serious disruption to transport, the government may issue an order to force workers back to their jobs, according to South Korean law. The Korea International Trade Association KITA received 53 reports of disrupted logistics from 31 businesses since the strike began, and is punishable by up to three years in jail or a fine of up to 30 million won US $22,550.

The cement industry estimated an output loss of about 37 billion won US $27.73 million as of Friday, according to lobby group Korea Cement Association. It added that the industry only managed to ship about 20,000 tons of cement on Friday, just about 10 per cent of usual daily shipments.