Workers at Samsung Electronics are set to strike for the first time ever

Date:
Wed, 29 May 2024 10:44:31 +0000

Description:
Worker union demands pay rise and profit-based bonuses, but Samsung Electronics has so far failed to appease.

FULL STORY ======================================================================

For the first time since its founding, Samsung Electronics is bracing for a strike after the National Samsung Electronics Union (NSEU) called for a one-day protest.

The Union, a collective voice representing over one-fifth of the companys workforce, or around 28,000 workers, has called for a unified one-day protest on June 7, urging all members to use their paid leave.

Moreover, the NSEU has issued a warning that it would not rule out the possibility of escalating the protest to a full-scale strike if their demands are not met. Samsung strike

Union representatives announced the strike during a live-streamed press conference, expressing frustration over stalled negotiations with management that have been underway since the beginning of the year.

A Union spokesperson commented in the press conference (via the BBC ): We
cant stand persecution against labour unions anymore. We are declaring a strike in the face of the companys neglect of labourers.

Besides a 6.5% pay rise, the Union is also demanding that bonuses be linked
to company earnings. In its most recent quarterly earnings report, the
company confirmed a 12.8% year-over-year increase in revenue, and a mammoth 932.8% increase in operating profit.

In response, the company proposed a 5.1% wage increase, which the union deems insufficient.

The potential implications of a strike could spell out disaster for the South Korean company, which is one of the worlds leading producers of memory chips, smartphones and televisions. Widespread disruption could hinder the companys ability to maintain high production levels, hitting its revenue and affecting the supply chain globally.

TechRadar Pro has asked Samsung to share further comments on the impending strike, but the company did not immediately respond. More from TechRadar Pro Here are the best business smartphones around today These are the best job sites and best recruitment platforms Samsungs new energy-efficient appliances use AI to offer huge savings



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Link to news story: https://www.techradar.com/pro/workers-at-samsung-electronics-are-set-to-strike -for-the-first-time-ever


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