Reportedly, the world’s largest memory chip and smartphone maker Samsung increases a one percent basic salary raise to its labor union which will be added this year. This is a small increase due to an economic downturn.
To recall, in August last year, Samsung and its union reached an agreement on a 9 percent pay raise for 2022 and other benefits, including bigger incentives for working on the Chuseok and Lunar New Year holidays. Also, the two sides also agreed on forming a task force to improve working conditions and its peak wage policy.
Now the management of Samsung Electronics presented a basic pay raise of one percent to the labor union through the main bargaining session held on March 2. Samsung Electronics’ wage hikes are divided into a common basic increase and a performance increase based on job titles and individual work performances.
The labor union said “This is unacceptable considering the rate of inflation.” Unionists claim that employees are being asked to bear the brunt of the company’s poor performance. The union has set its wage increase demand for this year at 10 percent.