Samsung Electro-Mechanics Labor and Management Reach Wage Agreement for This Year... 5.1% Salary Increase

First Collective Bargaining Agreement Since January Union Establishment
Negotiations Settled Without Labor Disputes

Samsung Electro-Mechanics announced on the 13th that the labor and management have signed the 2024 wage and collective agreement.

Samsung Electro-Mechanics held the '2024 Wage and Collective Agreement Signing Ceremony' at 4 PM the previous day at the Suwon Convention Center, attended by labor and management representatives and negotiators, including Vice President Park Bong-su, Head of the People Team, and Shin Hoon-sik, Head of the Respect Labor Union Branch.

On the 12th, Park Bong-su, Vice President and Head of the People Team (third from the left in the front row), and Shin Hoon-sik, Head of the Respect Labor Union Branch (fourth from the left in the front row), who attended the '2024 Wage Agreement Signing Ceremony' at Samsung Electro-Mechanics, are taking a commemorative photo. Photo by Samsung Electro-Mechanics

The agreed average wage increase rate for this year is 5.1%, which is the sum of a basic increase rate of 3.0% and a performance increase rate of 2.1%, marking a 1.0 percentage point rise compared to last year's 4.1%.

Samsung Electro-Mechanics labor and management began negotiations in March, conducted a total of 16 negotiation sessions to derive the wage and collective agreement proposal, and finalized it through the signing ceremony on the 12th.

A Samsung Electro-Mechanics official explained, "The company's labor and management conducted negotiations based on the principle of good faith, achieving the wage and collective agreement settlement through active communication without third-party intervention such as applying for labor commission mediation, thereby establishing a foundation for labor-management coexistence."

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