Samsung Electronics and its labor union in South Korea announced on Monday that they have agreed to a 5.1% wage increase. The National Samsung Electronics Union (NSEU), consisting of approximately 36,000 members, representing about 30% of the company's South Korean workforce, will vote on the deal from February 28 to March 5.
As part of the agreement, employees will receive 30 shares in the company and additional benefits such as vouchers for purchasing Samsung products. Despite strikes carried out by the union last year, the company stated that there were no disruptions to production.
This ongoing labor dispute has posed challenges for the world's leading memory chipmaker as it faces fierce competition in semiconductor technology geared toward artificial intelligence applications.