Samsung Electronics wage agreement approved

More than 70 percent of Samsung Electronics’ labor union members on Wednesday approved a tentative wage agreement reached between union leaders and management, bringing a monthslong dispute over performance bonuses to a close, at least for now. According to the unions, 55,333 of the 57,332 eligible members of the Samsung Electronics Labor Union participated in the vote, with 44,606 voting in favor of the agreement, for an approval rate of 80.6 percent. At the National Samsung Electronics Union, 7,283 out of 8,261 members voted, with 1,536 approving the agreement, translating to an approval rate of 21.1 percent. The combined approval rate stood at 73.7 percent, surpassing the majority threshold required for ratification. The tentative agreement was signed on May 20, just hours before the unions were set to stage a general strike the following day. Voting on the agreement was conducted from May 22-27. The agreement centers on a special management performance bonus offered exclusively to employees in the chip-making Device Solutions division. Under the agreement, the bonus will be funded

Original source: Korea Times