November 16, 2024 – According to a report by Yonhap News Agency, Samsung Electronics has reached a preliminary agreement with its largest labor union in Korea, the National Samsung Labor Union, on the 2024 wage negotiations. The agreement, which includes a 5.1% salary increase, is set to be submitted to union members for a vote within a week.
Samsung Electronics and the National Samsung Labor Union have been engaged in a protracted battle over the annual wage agreement since the beginning of 2024. Due to a breakdown in negotiations, Samsung Electronics faced its first domestic strike in its 55-year history. This preliminary agreement marks a crucial step in bridging the gap between labor and management, ending the 10-month-long negotiations for 2024.
It is reported that the agreement also includes provisionss for providing all employees with 2 million FamilyNet points, which can be used to purchase Samsung products, and offering paid leave for attending union meetings and training. Additionally, the agreement stipulates that both parties must respect each other, focus on enhancing competitiveness, and contribute to society through joint corporate social responsibility (CSR) activities.
The National Samsung Labor Union boasts over 30,000 members, accounting for approximately 24% of Samsung Electronics’ total employees in Korea.
