Samsung Electronics (SSNLF.US) reaches initial salary agreement with major labor unions in South Korea.

Samsung Electronics (SSNLF.US) announced on Thursday that it has reached a preliminary agreement with South Korea's major labor union to increase wages by 5.1%. The company stated that union members will vote on the agreement, which includes more holidays starting from Thursday for one week, and points that can be used to purchase Samsung Electronics products and other benefits. The national union of Samsung Electronics also posted the preliminary agreement on its YouTube channel. The union, which has 36,500 members representing approximately 30% of Samsung Electronics' total workforce in South Korea, went on strike in July. However, the company stated that the strike did not cause any production disruptions.