Live Updates > Live Update Details
2026-05-27 09:46:09
[Samsung Electronics Korea's union votes to approve wage agreement, averting strike] (1) Samsung Electronics Korea's union said Wednesday it had voted to approve a provisional wage agreement, with nearly 74% (out of 62,616 participating employees) supporting it, thus averting a strike that could have disrupted global chip supplies and impacted the South Korean economy. (2) The agreement ended a five-month-long heated dispute between the two sides over performance bonuses. Last Wednesday, after the South Korean Minister of Labor intervened at the last minute, the two sides reached a provisional agreement hours before the originally scheduled strike. (3) Under the final approved agreement, Samsung will implement a new 10-year special performance bonus system for its semiconductor division, while overall salaries will increase by an average of 6.2%.
