Samsung Affiliates to Provide 'Special Bonus'... "Up to 200% of Base Salary"

Payment Made for the First Time in 8 Years Since 2013

[Asia Economy Reporter Jeong Hyunjin] Samsung announced on the 22nd that it will provide special bonuses to employees of major affiliates such as Samsung Electronics and Samsung Life Insurance. This is the first time in eight years since 2013 that special bonuses have been paid.

About 20 Samsung affiliates, including Samsung Electronics, Samsung Life Insurance, and Samsung C&T, are scheduled to pay the bonuses, with plans to provide up to 200% of the bonus base amount (equivalent to basic salary) depending on each company's situation. The announcement was made to employees on the day, and the payment is scheduled for the 24th.

Samsung affiliates have been paying excess profit incentives (OPI) in early January and target achievement incentives (TAI) in July and December every year based on performance. This special bonus is separate from those payments, and the OPI scheduled for January next year will be paid as planned after the bonus payment.

Samsung stated, "The payment of this special bonus is to express gratitude and offer comfort and encouragement to employees who have fulfilled their duties despite the worsening business environment due to intensified global competition. It is expected to contribute to boosting domestic demand and revitalizing the domestic economy during the year-end and New Year period."

Some interpret this special bonus payment by Samsung Group as a decision considering the ongoing internal personnel system reforms. At the end of last month, Samsung Electronics announced a personnel system reform plan that includes early promotion for young employees with capabilities and a reduction in executive ranks such as senior vice president and vice president.

Meanwhile, Samsung executives have decided to donate 10% of the encouragement money to be paid this time. A Samsung Electronics official explained, "We have gathered the mindset that we must share and cooperate with society especially in difficult times, and decided to contribute as a catalyst for efforts to overcome the crisis."

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