Samsung Electronics and its largest labor union reached a tentative wage agreement on May 20. The planned 18-day strike starting May 21 has been postponed.
Samsung Electronics and its largest labor union reached a tentative agreement on May 20 after last-minute government-mediated talks. The deal includes a 6.2 percent base wage increase and a special performance bonus for the semiconductor division equal to 10.5 percent of business earnings without a cap.
The union postponed its planned general strike from May 21 to June 7 and will hold a member vote on the deal from Friday through May 27. Labor Minister Kim Young-hoon said both sides made concessions to reach the resolution.
The agreement eases concerns over economic losses estimated at up to 100 trillion won and potential disruptions to global chip supplies. Samsung accounts for about one-third of the worldwide DRAM market and supplies key memory chips for AI data centers.
