Samsung Electronics, labor and management reach tentative wage agreement one day before general strike
Samsung Electronics’ labor and management, one day before a general strike, 20signed a tentative agreement on next year’s wage negotiations under the mediation of Employment and Labor Minister Kim Young-hoon. The union provisionally suspended the general strike and 22will hold a vote 27on the tentative agreement. The Blue House and the Korea Employers Federation welcomed the agreement, while expressing concern that excessive demands for performance-based bonuses could spread across industries.
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Samsung Electronics’ labor and management, one day before a general strike, 20signed a tentative agreement on next year’s wage negotiations under the mediation of Employment and Labor Minister Kim Young-hoon. The two sides confirmed that they had reached the agreement through mediation. The planned general strike was immediately suspended following the signing.
The union 21provisionally suspended the general strike it had announced and 22decided to hold a vote on the tentative agreement 27. The union’s vote will determine whether the agreement is finalized. The voting period is a procedure for confirming members’ approval under the union’s internal process.
The Blue House described the agreement between labor and management as a magnanimous decision for the country and its people, and expressed its gratitude. It noted the efforts of government officials who took part in the mediation. The government played a role in the mediation process.
The Korea Enterprises Federation (KEF) welcomed the agreement. The KEF said it was meaningful that both labor and management stepped back and found common ground through dialogue amid intensifying semiconductor competition and growing uncertainty in global markets. The KEF noted that, since the agreement reflects circumstances unique to Samsung Electronics, demands for performance-based bonuses should not spread across the industry.
The KEF urged the parties to quickly resolve the remaining uncertainties and build stable labor-management relations. The union said it would decide on further action based on the results of the vote. Having led the mediation, the Ministry of Employment and Labor is expected to monitor the vote results and subsequent procedures.