Samsung union wins 5.1% wage hike and bonuses for workers with biggest strike ever

Last July, Samsung Electronics faced its first strike in the company’s history, with workers demanding better working conditions. By November last year, the company’s management was forced to make partial concessions to the union, but the outcome of the negotiations will only be legally recorded this month.

Image Source: Samsung Electronics

More precisely, the vote on changes to wages and work schedules will be held from February 28 to March 5 this year, as reported by Reuters, citing representatives of Samsung Electronics and the NSEU trade union, which covers about 30% of the company’s staff in South Korea. Despite reaching key agreements back in November last year, the preliminary agreement will only be legally formalized after the vote, which will end on March 5.

In addition to raising the average wage by 5.1%, the agreement is expected to provide additional benefits for Samsung Electronics employees in South Korea. Each of them will be entitled to 30 shares of the company and coupons that will allow them to receive Samsung products on favorable terms. The South Korean manufacturer continues to insist that last year’s strike did not lead to interruptions in the supply of products to customers.

Last year, Samsung decided to make major changes to its top management and cut capital expenditures in certain areas of its business, but it did not risk laying off employees in South Korea, even amid the crisis. Now the company’s staff in that country will see improved working conditions and higher wages, which union representatives had been seeking since January last year, before the strike began in the summer.