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Samsung Electronics and its labor union in South Korea have reached an agreement for a 5.1% wage increase, following months of negotiations that included labor strikes last year.
In separate statements on Monday, both the company and the National Samsung Electronics Union (NSEU) confirmed the preliminary deal, which will be put to a vote among union members from February 28 to March 5. The NSEU represents approximately 36,000 employees, making up about 30% of Samsung’s South Korean workforce.
Beyond the wage increase, the agreement includes additional benefits such as 30 company shares and vouchers for purchasing Samsung products.
The union had staged strikes in 2023, though Samsung maintained that these actions did not disrupt production. The prolonged labor dispute has been a challenge for the world’s largest memory chipmaker as it faces intensifying competition in semiconductors used for artificial intelligence (AI) applications.
Boluwatife Enome
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