Samsung Electronics Finalizes 9% Wage Increase for This Year... Starting Salary for New College Graduates Set at 51.5 Million Won

Labor-Management Council Notice This Morning

[Image source=Yonhap News]

[Asia Economy Reporter Kim Jin-ho] Samsung Electronics has reached a final agreement on a 9% wage increase this year. They also decided to introduce 3 days of paid leave.

According to industry sources on the 29th, the Samsung Electronics Labor-Management Council announced through an employee notice that "the average wage increase rate for all employees in 2022 has been decided at 9%."

The average wage increase rate refers to the rate of increase in the total annual salary budget paid to all employees, determined by adding individual performance-based increases to the base increase rate. Therefore, the level of individual wage increases may vary depending on performance evaluations.

Initially, the Labor-Management Council demanded a wage increase rate of over 15% from management, but considering various internal and external economic conditions, they reached a consensus close to double digits. This is 1.5 percentage points higher than last year's 7.5%, which was the highest increase rate in the past 10 years.

With this agreement, wages for individual employees may increase by up to 16.5% depending on their performance evaluation. The first-year salary for new university graduates is also expected to rise to around 51.5 million won.

The labor and management also agreed on welfare measures such as introducing 3 days of paid leave to improve employees' work-life balance (WLB) and expanding spouse maternity leave to 15 days (previously 10 days).

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