Samsung Display Labor and Management Reach Tentative Agreement on 5.1% Wage Increase

Samsung Display's labor and management have tentatively agreed on an average wage increase rate of 5.1% for this year. This is the first among Samsung affiliates currently negotiating wages.

원본보기 아이콘

According to the industry on the 5th, Samsung Display announced on its internal bulletin board that after negotiations with the Open Labor Union held the previous day, the average wage increase rate for this year was decided to be 5.1%, which is 1.0 percentage point higher than last year (basic increase rate 3% · performance increase rate 2.1%).

The average wage increase rate refers to the growth rate of the total annual salary budget paid to all employees, determined by adding the individual evaluation-based increase rate to the basic increase rate.

Samsung Display's labor and management began negotiations on the 2024 wage adjustment in January and reached a tentative agreement after about three months. The Open Labor Union plans to finalize the '2024 Wage and Wage Agreement' through a vote.

Earlier, Samsung Electronics also decided on an average wage increase rate of 5.1% this year after negotiations with the labor-management council. However, the National Samsung Electronics Labor Union, which was negotiating wages separately from the labor-management council, declared a breakdown in negotiations on the 18th of last month and is currently conducting workplace tours demanding a 6.5% wage increase and one additional paid leave day.

© The Asia Business Daily(www.asiae.co.kr). All rights reserved.