Nearly 48,000 employees of Samsung Electronics (OTC:SSNLF) are preparing to strike following unsuccessful payment discussions.
The workers are ready to walk off the job after bonus payment negotiations ended without an agreement, reported Yonhap News on Wednesday. The strike could significantly disrupt the global chip supply and impact South Korea’s economy.
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Despite the impending strike, hopes for a resolution were revived when talks resumed late Wednesday under the mediation of Labour Minister Kim Young-hoon. Union leader Choi Seung-ho had earlier stated that while the union had accepted a final proposal from the National Labor Relations Commission, the strike would go ahead due to unresolved issues with management.
The two sides agreed to remove bonus caps tied to 50% of annual salary, but remained split on bonus distribution for loss-making units and formalizing the agreement, as per the report.
