Samsung Electronics Union Approves Bonus-Pay Deal

Samsung Electronics Union Approves Bonus-Pay Deal

Samsung Electronics' unionized workers have approved a tentative bonus-pay deal reached last week with the company, averting a strike at the world's largest memory-chip maker.

Deal Details

The union said in a statement Wednesday that 73.7% of participating union members voted in favor of the agreement in the ballot. The deal required approval from more than half of participating voters.

Global Implications

The 11th-hour deal on how to distribute Samsung's huge profits and the union's approval put an end to months of labor unrest that had raised fears of possible disruptions to the global chip supply chain.

Samsung's management and its union leaders struck the deal in negotiations mediated by South Korea's labor minister late last Wednesday, just hours before industrial action at the company was set to begin.