Samsung Electronics Workers Union Initiates Indefinite Strike Over Labor Dispute

Money | July 10, 2024, 4:44 a.m.

A union representing 30,000 workers at Samsung Electronics has declared an indefinite strike for better pay and benefits. The National Samsung Electronics Union (NSEU) made the decision after management refused to negotiate. The strike, which disrupted production, was attended by 6,500 workers with more urged to join. Samsung disputes disruption claims, promising no delays. Overall, the strike's impact on production remains uncertain, with a company spokesperson declining to provide figures. Last month's walkout was the company's first in over five decades. Samsung, a major player in memory chips and smartphones, is a flagship of the Samsung Group. The conglomerate only allowed unions in 2020 following public scrutiny. After the strike announcement, Samsung's shares traded flat to slightly lower. Despite the labor unrest, Samsung predicts a significant profit increase driven by AI chip demand.