Samsung Display Labor and Management Reach Final Wage Negotiation Agreement After Company's First Strike Ever

[Image source=Yonhap News]

[Asia Economy Reporter Jeong Hyunjin] The Samsung Display labor union, which entered its first strike since the company's founding, has finally reached a final agreement on wage negotiations with the company on the 5th.

According to industry sources, the Samsung Display union conducted a vote among all union members on the '2021 Wage Negotiation Final Proposal' held from the 3rd to this day, resulting in a 54% turnout and 83% approval rate. This comes 14 days after the union, led by union executives, started the company's first-ever strike on the 21st of last month.

According to the union, the final agreement reached this time did not include the basic raise rate and other demands that the union had been requesting. Initially, the union demanded a basic raise rate of 6.8% and the realization of hazard pay, but the company maintained its position that it was impossible to raise wages above the agreed standard raise rate of 4.5% with the existing labor-management council. The union explained, "Considering the prolonged COVID-19 situation and the intensifying external competition in the display market, the union withdrew demands such as the wage increase rate for the company's competitiveness."

However, the company clarified that some parts of the 2021 wage and welfare matters previously announced were reflected due to the union's demands, and promised to provide wage-related data for the next wage negotiations to be held in about four months, the union said.

Samsung Display labor and management plan to hold a signing ceremony for the final wage negotiation proposal on the afternoon of the 8th. Earlier, Samsung Display labor and management had been negotiating wages since the beginning of this year, but negotiations broke down, and the union, led by union executives, went on strike from the 21st of last month. Accordingly, six union members belonging to the union's dispute countermeasure committee have been maintaining the strike by setting up a protest tent and living at the Samsung Display Asan 2 Campus. A union official stated, "After the signing ceremony, the protest tent will be removed, and the six striking members will return to work on the 12th."

This is the first time a strike has occurred at Samsung Display since its founding in 2012. The Samsung Display union was launched under the Federation of Korean Trade Unions in February last year and currently has about 2,400 members, exceeding 10% of the total employees.

This content was produced with the assistance of AI translation services.