Business

Samsung announces biggest company-wide raises in over a decade

For its next fiscal year that’s just about to kick off, Samsung Electronics decided to bolster employee wages on a company-wide level, according to an official statement issued Friday morning, Korean time. The base increase will amount to 7.5% on average. Between 3.0 and 4.5 percentage points in additional performance bonuses will be paid out on an individual basis.

Overall, the new raises that will be going into effect next month constitute Samsung’s most generous such move in over a decade. In a prepared statement, the conglomerate’s management said this wave of raises has been greenlit because the overall performance across all sectors has been more than satisfactory last year.

Expect more from where that came from, Samsung says

That, in itself, is a significant sign of near-term optimism, seeing how shaky last year was for Samsung, on the whole. Mind you, “shaky” for Samsung’s standards still means mind-boggling profits, just at a slightly slower rate than what analysts anticipated prior to a global pandemic ruining everyone’s margins. Well, everyone bar Huawei’s perhaps, those were already ruined.

As for the here and now, Samsung outright said this fiscal year’s wage hikes are just a sign of things to come. The company’s specifically looking to keep its wages between 20% and 40% higher compared to any and all technology industry rivals.

Today’s development is a good illustration of why Samsung’s been topping employee satisfaction charts in recent years. That track record culminated in arguably the most prestigious title of the world’s best employer won late last year.

Join the Discussion