To escalate labor unrest against the most valuable company in the country, the Samsung Electronics workers’ union planned a strike.
In an effort to intensify labor unrest against the most valuable firm in the nation, the workers’ union at Samsung Electronics (005930.KS), which opens a new tab in South Korea, has scheduled a strike for July 8–10. Union officials announced this on Tuesday. The vice president of the National Samsung Electronics Union, Lee Hyun-kuk, stated that the union is deciding how many employees will participate in the walkout. The union’s leader, Son Woo-mok, stated late on Monday that the organization wants the corporation to consider it as an equal partner and that it wants a more transparent system for bonuses and paid time off.
In contrast to the 0.8% decrease in the benchmark price index (.KS11), its share price closed with minimal changes. Following Samsung’s 2020 vow to no longer discourage the rise of organized labor, union membership grew quickly. The goal of the walkout was to stymie production, and Lee stated in a live YouTube video later on Tuesday that if the firm does not heed their requests, the union may consider going on strike again.
The majority of the production at the largest memory chip manufacturer in the world is automated; therefore, analysts predict that the strike itself won’t have a significant effect on chip output. The number and duration of participation by chip plant operators will ultimately determine any influence, according to senior researcher Kim Yang-Paeng of the Korea Institute for Industrial Economics and Trade. If personnel operating the automated equipment take a prolonged leave of absence, “chip production cannot proceed with replacement workers,” according to Kim, “because of the specificity and expertise of the work.”
Employees took their yearly leave on the same day last month, in what was essentially the union’s first work stoppage. Samsung claimed at the time that there was no effect on business operations or output. Analysts noted that the majority of those on strike worked in inner-city offices as opposed to manufacturing facilities. “A significant shift in Samsung’s non-union management history is this planned strike. An unidentified analyst in Seoul stated on Tuesday that “this could be seen as a drop in employee loyalty at Samsung… caused by wages and disappointing compensation compared to Samsung’s rivals.” The specifics of the strike were unknown.
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