Samsung Electronics Union Announces General Strike
Tensions rise in South Korea as the Samsung Electronics union declares a general strike on the first day of July 2024. The National Samsung Electronics Union (NSEU) is taking action to address issues related to compensation and time off, as reported by Reuters.
Key Points:
– NSEU represents more than 20% of Samsung Electronics’ workforce, totaling around 28,000 members.
– The union is seeking improvements to the performance-based bonus system and an extra day of annual leave.
– President of NSEU, Son Woo-mok, announced the general strike during a live YouTube broadcast, stating “Until our demands are met, we will fight with the ‘no pay, no work’ approach.”
Previous Strike in June:
– In June, the NSEU organized a one-day strike demanding better wages.
– Despite not impacting semiconductor production immediately, the strike added pressure on Samsung Electronics as it focuses on AI chip technology.
– Market research firm TrendForce suggested that production and shipments were unlikely to be disrupted due to high levels of automation in manufacturing.
Challenges Facing Samsung Electronics:
– Recent protests and strikes follow a decision by Samsung Electronics to raise wages by 5.1% this year.
– A coalition of unions at Samsung affiliates encouraged negotiation over confrontation and opted out of participating in the strike.
– The semiconductor business at Samsung Electronics is undergoing changes with a new head appointed to address industry challenges.
As the situation unfolds, it is essential for both parties to find common ground through meaningful dialogue and negotiation. Stay tuned for updates on this developing story.
