Samsung strike on hold - but the fight isn't over yet. Why?
Samsung Electronics' largest union has suspended a planned strike after reaching a tentative pay agreement with the company. The industrial action, due to begin on Thursday, would be suspended while members vote on the deal from May 22-27.
The dispute centers on the distribution of bonuses between staff in memory chip divisions and those in other units. Samsung had planned to pay generous bonuses to 27,000 staff making memory chips - at least six times more than its workers making other chips, and electronics. The union represents nearly 48,000 workers. Samsung's operating profit in the January to March quarter jumped about 750% from a year earlier. Samsung's shares rose by more than 5% after the announcement.
In the statement issued after the tentative deal was agreed, the company said: "With a humble attitude, we will build a more mature and constructive labour-management relationship to ensure that such an incident never happens again."
Quick Summary
A major union at Samsung has been in a tense dispute with the technology giant over the distribution of profits. This is happening at a sensitive time, as Samsung faces increasing competition - and the stakes are high for the global economy.
Summary - read the full story for complete context.
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