Samsung Life Insurance Reaches Wage Negotiation Agreement with Union Members in Full Vote... 5.7% Increase

[Image source=Yonhap News]

[Asia Economy Reporter Changhwan Lee] Samsung Life Insurance has reached a wage agreement through a vote by all union members for the first time since the establishment of its labor union.

According to the insurance industry on the 14th, Samsung Life Insurance and the Samsung Life Insurance Labor Union (the negotiating representative union) concluded the 2022 wage agreement yesterday after about four months of negotiations starting in February.

According to the agreement, wages will increase by an average of 5.7%, including the basic raise rate and performance raise rate. The monthly lunch allowance was raised from 120,000 KRW to 180,000 KRW.

Support for housing and transportation expenses for long-distance workers was expanded, and a 40-year long-term service award was newly established. Welfare benefits were also expanded, including extending spouse maternity leave from the existing 10 days to 15 days.

This wage agreement proposal went through a consent procedure by a vote of all Samsung Life union members for the first time since the union's establishment, and it was approved with 67% in favor in the vote.

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