Samsung Electronics union wage talks collapse, triggering a strike of 47,000 or more
As wage talks between Samsung Electronics and its union collapsed, the union is set to begin a strike involving 47,000 or more workers on Thursday. The talks were extended in 5, but 18 saw them collapse, and the news sent the share price lower.5 in 20 saw them collapse, and the news sent the share price lower.
Samsung Electronics and its union decided on 5 in 18 to extend negotiations to avoid a strike. At the time, the company and the union agreed to continue additional discussions. The extension was reported to be an attempt to ease concerns about disruptions to global supply chains.
However, 5 in 20 saw wage talks collapse. The union announced that a strike involving 47,000 or more workers would begin on Thursday. The company was reported to have failed to reach a final agreement in the negotiations.
The share price fell after news of the collapse of negotiations. Short-term selling reportedly emerged in response from investors. Market volatility may continue depending on the next moves by the company and the union.
This strike is directly linked to the issue that first raised concerns that it could threaten global supply chains. Samsung Electronics and the union attempted to extend negotiations, but they did not reach a final agreement. The union is currently carrying out the strike as scheduled.
The company and the union are reportedly leaving open the possibility of further negotiations or announcements. Production and shipment schedules could change depending on the strike schedule and the scope of participation. The market is closely watching for related announcements.
Sources: Reuters,CNBC Top News,Investing.com News
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