Samsung Electronics Labor and Management Tentatively Agree on Wage Agreement with 5.1% Increase

Samsung Electronics and the National Samsung Electronics Labor Union (JeonSamNo) announced on the 14th that they have reached a tentative agreement on the 2023 and 2024 wage agreement.

This comes about 10 months after merging the 2023 and 2024 wage negotiations and starting new talks on January 16 of this year.

The labor and management agreed to guarantee paid time for union members to participate in union general meetings (training) and to provide all employees with 2 million FamilyNet points that can be used to purchase company products.

The 2 million FamilyNet points amount to approximately 250 billion KRW based on a total of 125,000 employees. The usage period is two years from the date of issuance.

Yonhap News

Other terms such as an average wage increase rate of 5.1% (basic increase rate 3.0% and performance increase rate 2.1%) and expanded long-term service leave will apply as per the existing proposal announced in March this year.

The tentative agreement also includes provisions for mutual respect and efforts between labor and management to enhance competitiveness and establish cooperative labor-management relations, as well as joint social contributions through corporate social responsibility (CSR).

JeonSamNo plans to conduct a union member vote on the tentative agreement from today until the 21st.

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