For the first time in its 55-year history, the technology giant will face a one-day Samsung Strike on June 7. The union, which has around 28,000 members and represents more than one-fifth of the company’s workforce, is drawing attention to this decision.
Here are all the details we know so far…
Samsung strike is organized by a union representing over 20% of the brand’s workforce
The union’s call for action is motivated by the company’s lack of appreciation for workers’ rights and unwillingness to improve working conditions. “We can no longer tolerate this injustice to labor unions. We are going on strike because the company is ignoring its employees,” they said, justifying the decision.
The prominent demands during the strike process are listed as follows:
- 6.5% wage increase: The union demands a wage increase in line with inflation rates.
- Bonuses linked to company profits: Employees want to receive their rightful share of their profits.
The union’s statements that it may organize a larger strike in the future may cause prices and stocks in the technology sector to fluctuate. Experts warn that the company’s computer chip production and global electronics supply chains could be negatively affected in such a scenario.
Samsung Electronics, one of the world’s largest manufacturers of memory chips, smartphones, and televisions, is important in the South Korean economy. Samsung Group was known for banning union activities until 2020. However, under public pressure in recent years, the company allowed union activities.
Following the strike announcement, Samsung Electronics shares fell 2% on the Seoul stock exchange. Investors are closely watching the possible effects of the strike on the company’s production and financial situation.
The strike can potentially be a turning point in Samsung’s history. We eagerly await what will happen when the dates show June 7th.
Featured image credit: Babak Habibi / Unsplash
