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Samsung, union reach tentative wage deal for 5.1 pc pay hike
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Samsung Electronics and its labour union on Monday reached a tentative wage agreement, which includes an average 5.1 per cent pay raise for 2025, officials said.
Seoul : Samsung Electronics and its labour union on Monday reached a tentative wage agreement, which includes an average 5.1 per cent pay raise for 2025, officials said.
The deal comes after 48 days of negotiations, which began on January 7.
Under the agreement, employees will receive a 3 per cent increase in base salary and a 2.1 per cent rise in bonuses, along with 30 treasury shares per employee, according to officials.
The two sides also agreed to form a joint task force to improve the bonus system, with updates shared every six months.
The deal is subject to a vote by the union, which said it will likely be held before next Wednesday.
Samsung Electronics and the National Samsung Electronics Union (NSEU), the biggest labour union at the tech giant, failed to reach a wage deal throughout last year. The NSEU represents some 36,000 workers, or about 30 per cent of the company's total workforce.
In response to stalled negotiations, the NSEU staged the first-ever strike in Samsung Electronics' history last year.
"We will focus on strengthening our business competitiveness by using this wage agreement as an opportunity for labor-management harmony," an official from Samsung Electronics said.
Last December, NSEU held a confidence vote, with 62 percent of members approving the current leadership, meaning the union members once again trusted the NSEU leadership to negotiate wages.
The confidence vote was held after NSEU members voted on November 21 to reject a tentative wage agreement for 2023 and 2024 reached by their leadership.
That agreement, reached following a monthlong strike by the union in July, had included a 5.1 per cent pay hike and other bonuses. The NSEU then planned to restart negotiations as soon as possible, according to the report.
