Samsung Electronics reached a preliminary agreement with South Korean labor union: salary increase of 5.1% + provision of stock and other benefits.

Samsung Electronics (SSNLF.US) and its Korean labor union issued statements on Monday stating that they have reached an agreement to increase wages by 5.1%. According to sources, the National Samsung Electronics Union (NSEU) with approximately 36,000 members will be voting on the preliminary agreement from February 28th to March 5th. The union represents about 30% of Samsung Electronics' workforce in South Korea. The agreement not only includes salary increases but also additional benefits such as 30 shares of company stock and vouchers for purchasing company products. It is worth noting that the union organized a strike last year, but the company stated that these actions did not lead to any production disruptions. As the world's largest memory chip manufacturer, Samsung Electronics is facing intense competition in the semiconductor field for artificial intelligence (AI) applications. The ongoing labor dispute undoubtedly brings some disruptions to the company.