Over 47,000 Samsung Electronics workers set to strike as wage talks break down, sending shares lower
Over 47,000 Samsung Electronics workers are set to strike after wage negotiations failed. The strike will begin on Thursday, leading to a 3% drop in the company's shares. The union is demanding changes to Samsung's performance-based bonus system, including a 15% bonus of operating profit.
- ▪More than 47,000 Samsung workers will strike starting Thursday.
- ▪Wage negotiations between Samsung and its union broke down on Wednesday.
- ▪The union is seeking performance bonuses equivalent to 15% of Samsung's operating profit.
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A strike involving more than 47,000 Samsung workers will begin on Thursday after wage negotiations between the company and its union broke down on Wednesday, sending shares of the South Korean chip giant down 3%.A South Korean court had previously ordered that the walkout not interfere with safety protection facilities or obstruct work, to prevent damage to facilities and wafer deterioration.The union's demands had revolved around Samsung's performance-based bonus system. It is seeking performance bonuses equivalent to 15% of Samsung's operating profit, the removal of bonus payout caps, and a formalized bonus structure, among other measures.This is breaking news, please check back for updates.
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