SEOUL, May 27 (AJP) - Samsung Electronics’ representative union approved a tentative wage agreement Wednesday, averting an immediate strike at the world’s largest memory chipmaker and easing concerns over potential disruption to AI supply chains and South Korea’s stock market.
Electronic voting ran from May 22 to 10 a.m. Wednesday for the 57,302 eligible members. The deal, reached urgently on May 20 just a day before the planned strike deadline, passed with 73.7 percent in favor. It includes an average 6.2 percent wage increase and a newly created special performance bonus.
The agreement, however, still faces a legal hurdle. A day before the voting deadline, the Samsung Electronics Co. Union (SECU), a minority union representing mainly the Device eXperience (DX) division, filed for an injunction, accusing the majority union of abruptly stripping its 12,000 members of voting rights.
If the court grants the injunction or a later lawsuit invalidates the vote over procedural flaws, Samsung management could be forced to restart negotiations from scratch.
As of 10:30 a.m. Wednesday, Samsung Electronics shares have hit new heights, surging 6.7 percent to 319,000 won ($212).
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