(qlmbusinessnews.com Thurs. 11th July, 2024) London, UK —
Samsung Employees to Begin Indefinite Strike for Better Pay and Benefits.
A union representing approximately 30,000 workers at Samsung Electronics in South Korea has announced an indefinite strike as part of its ongoing campaign for improved wages and benefits.
This decision was declared on the final day of a three-day general strike orchestrated by the National Samsung Electronics Union (NSEU). The union stated that management had shown no willingness to negotiate over their demands, prompting the escalation.
The NSEU, which represents nearly 25% of Samsung Electronics‘ workforce in South Korea, claims its actions have disrupted production. However, Samsung disputes these claims, asserting that production lines remain unaffected and that the company is committed to good faith negotiations with the union.
“The company has no intention to engage in a dialogue even after the first general strike, thus we declare a second general strike starting from 10th July, lasting indefinitely,” the union stated.
So far, around 6,500 workers have participated in the strike, and the union has called for more members to join the industrial action. Samsung Electronics has declined to comment on the exact number of employees involved in the walkout. A recent protest was attended by about 3,000 people.
Jung In Yun from Fibonacci Asset Management Global told reporters that they anticipate no production disruption.
This marks the second significant strike by the union, following the first-ever walkout last month since the company was established over five decades ago.
Samsung Electronics, the world's largest manufacturer of memory chips, smartphones, and televisions, is the flagship subsidiary of the Samsung Group, which is the largest family-controlled conglomerate in South Korea and a major player in Asia’s fourth-largest economy. The company only allowed union representation from 2020 after facing intense public scrutiny and legal challenges involving its chairman.
Following the NSEU's announcement, Samsung Electronics' shares were trading slightly lower on the Korea Stock Exchange. Despite the industrial action, the company recently reported a substantial profit forecast, driven by a surge in demand for advanced chips amid the artificial intelligence (AI) boom.
This News Story is brought to you by QLM Business News, your Digital Media Channel
Visit QLM businessnews.com
For more business news stories also follow us on Facebook, X and Youtube.
To Help qlm business news bring you more new stories like this, please like, share and subscribe.
Unlock unparalleled business growth and effortlessly attract a stream of new customers through QLM Business News Sponsored Advertising. Elevate your brand's presence and captivate your target audience with precision. Visit QLMbusinessnews.com and click on “Advertise” to harness the power of strategic advertising. Don't miss this unparalleled opportunity to propel your business to new heights of success!
Disclaimer: All images presented herein are intended solely for illustrative purposes and may not accurately depict the true likeness of the subjects, objects, or individuals referenced in the accompanying news stories.
