economy
Over 47,000 Samsung Electronics workers set to strike as wage talks break down, sending shares lower
More than 47,000 Samsung Electronics workers will begin a strike on Thursday after wage negotiations between the company and its union broke down.
TL;DR
- Over 47,000 Samsung Electronics workers are set to strike on Thursday.
- Wage negotiations between the company and the union have broken down.
- Samsung Electronics rejected a mediation proposal from the National Labor Relations Commission.
- The union's demands focus on performance bonuses, including a 15% share of operating profit and removal of caps.
- A South Korean court has ordered that the strike not interfere with safety facilities or obstruct work.
- Government officials, including the President and Prime Minister, urged both sides to reach an agreement.
- The labor minister has the power to invoke emergency measures to suspend the strike if it significantly harms the economy.