We got the best Samsung deals! Galaxy S24 Ultra, Watch 6, Z Fold 5 or, Z Flip 5.

SamMobile has affiliate and sponsored partnerships. If you buy something through one of these links, we may earn a commission.

Notifications
    News for you

    Samsung’s raise offer rejected, unions want more guarantees

    Business
    By 

    Last updated: April 2nd, 2021 at 10:53 UTC+02:00

    The biggest raises in over a decade weren't enough to convince major unions to get on board with Samsung's employee compensation packages for the newly started fiscal year. At least as far as its own backyard is concerned. According to new reports out of the Far East, representatives of some 3,000 employees rejected last week's offer.

    Instead, they're pushing for guaranteed double-digit increase in wages. For context, the previous offer was in the 7.5-12% range, with the last third being tied to performance bonuses.

    Times are changing

    This development signals a significant shift in the South Korean market power dynamics. Samsung Electronics' nadir was less than a year and a half ago, when its former board chairman Chairman Lee Sang-hoon was jailed for union busting. Though he'd have been eligible for an early release by now anyway, he was also acquitted by last August. The Supreme Court confirmed that decision this February.

    The empowered unions now number hundreds of members in their ranks and are only expected to continue growing moving forward. Four of them are involved in the ongoing negotiations with Samsung. As for the present stalemate, the unions are arguing weak wage increases over the past three years are the number one reason why they're not content with the offer that's presently on the table.

    Where things go from here is difficult to anticipate. Both sides are already insinuating that the other might not be acting in good faith, but neither seem willing to involve the courts at this stage.

    Business Samsung Electronics

    You might also like

    Samsung’s first acquisition in 7 years could be of an AC company

    Samsung’s first acquisition in 7 years could be of an AC company

    Despite having billions of dollars in cash, Samsung hasn't made any acquisitions over the past seven years. Its last major acquisition was that of Harman International. Recent reports have suggested that the company is looking to be more active in the mergers and acquisitions segment now, and it appears Samsung may already have a large.t […]

    • By Adnan Farooqui
    • 18 hours ago
    Samsung expects 2024 chip revenue returning to 2022 level

    Samsung expects 2024 chip revenue returning to 2022 level

    A significant decline in chip revenue has hurt Samsung's profits significantly, but the company is now expecting a return to form, on the back of increased demand for memory products for AI applications. The company is now expecting its chip revenue this year to return to the 2022 level, which was before the downturn, and […]

    • By Adnan Farooqui
    • 4 days ago
    NVIDIA CEO signs his approval on Samsung’s HBM3E memory, literally

    NVIDIA CEO signs his approval on Samsung’s HBM3E memory, literally

    Samsung's HBM3E 12H advanced memory chips have received high praise from NVIDIA CEO Jensen Huang recently. He confirmed that the company is testing these new memory models for integration into its GPUs, as unrelenting demand continues for its products. Such is the nature of the close collaboration between these two titans of the industry that […]

    • By Adnan Farooqui
    • 4 days ago
    Samsung Electronics gets $4.3 billion from Samsung Display to fund semiconductor expansion

    Samsung Electronics gets $4.3 billion from Samsung Display to fund semiconductor expansion

    Samsung Electronics is the leading supplier of memory chips and other semiconductor products. It has been heavily investing in the expansion of its production facilities as demand for memory products, particularly High Bandwidth Memory, is expected to rise in the coming quarters. There are many subsidiaries that operate under Samsung Electronics. Samsung Display is one […]

    • By Adnan Farooqui
    • 5 days ago
    Amid AI boom, NVIDIA is loving Samsung’s advanced memory chips

    Amid AI boom, NVIDIA is loving Samsung’s advanced memory chips

    NVIDIA has emerged as the leading supplier of AI semiconductor solutions across the globe. There's incredible demand for its products as companies jump on the AI bandwagon with new solutions and services. AI semiconductors require advanced memory chips and Samsung finds itself in a good position to cash in on this boom. It has a […]

    • By Adnan Farooqui
    • 5 days ago
    Samsung doubling down on AI to secure business growth

    Samsung doubling down on AI to secure business growth

    Amid uncertainties in the global business environment, Samsung is doubling down on what it considers to be a significant driver of future growth. We've seen an increasing application of artificial intelligence in its products, from smartphones to even washing machines, and the company has said it will continue to focus on AI to drive growth. […]

    • By Adnan Farooqui
    • 6 days ago