Samsung reaches tentative deal with South Korean union, averting strike
Business
Samsung just reached a tentative agreement with its South Korean labor union in South Korea, sidestepping what could have been a huge 18-day strike.
Talks centered on performance bonuses and profit-sharing, especially since Samsung's profits have soared thanks to the AI chip boom.
Now, union members will vote on the deal from May 23 to May 28.
Over 47,000 Samsung workers avoid walkout
The agreement means more than 47,000 workers, about 40% of Samsung's staff, won't be walking out.
Employees had pushed for better bonuses and a share of company profits, inspired by rival SK Hynix's move last year.
In response, Samsung offered one-time bonuses and bigger payouts for some departments.
For now, this keeps things running smoothly at one of the world's biggest chipmakers.