Samsung Electronics employees went on strike for the first time in 55 years

For the first time in the company's 55-year history, Samsung Electronics employees have gone on strike. The National Trade Union of Samsung Electronics (NSEU) and the company itself have been negotiating for a long time. The union is demanding better pay and other benefits. Despite the fact that Samsung has agreed to increase wages, an agreement on other demands has not been reached.

Here's What We Know

The union had been threatening to strike for weeks and eventually announced a strike on 7 June, saying that more than 30,000 union members, representing a fifth of the company's workforce, would not come to work that day unless their demands were met.

Rather than succumb to the pressure, Samsung decided to wait out the situation. Since the union's demands were not accepted, the strike took place and on 7 June 2024, for the first time in the history of Samsung Electronics, employees did not come to work. The union did not disclose how many of its members participated in the strike. It is reported that the strikers were primarily workers from the company's headquarters in Seoul, not those working at production facilities.

It is noted that the strike will not affect business operations or production of Samsung's high-margin chips. Market analysts also believe that the strike will not have a big impact on the company's production timelines. Both sides are stubbornly sticking to their demands and in the absence of further negotiations, the impasse may continue. The union has only announced a one-day strike, so the workers will return to work on Monday.

Source: The Korea Times