Samsung agrees $338,000 average chip division worker bonus, averting strike
Business
Samsung just made a big move; after some intense union talks, the company agreed to give its chip division workers an average bonus of $338,000 each this year.
The company reached a provisional agreement late Wednesday, which was confirmed on Thursday, and averted an 18-day strike.
Samsung deal allows 12% profit share
The deal sets a 10.5% stock-based bonus pool plus an additional 1.5% in cash, allowing workers to share up to 12% of operating profit as bonuses and will cover about 78,000 employees.
This setup could last for 10 years if the division keeps hitting ambitious profit targets.
But not everyone's cheering. Some shareholders say the agreement skipped proper approval and are planning to take legal action against it.