Samsung Workers Stage Walkout Over Wage and Benefit Disputes

Money | July 8, 2024, 4:03 a.m.

The largest organized labor action in Samsung Electronics Co.'s history began on Monday, with over 6,500 workers walking off the job to demand better pay. Disgruntled employees and union supporters gathered outside a chipmaking complex in South Korea, braving the rain with red headbands and chants. The three-day strike aims to disrupt production and send a message to the tech giant. The protest comes after negotiations over pay and vacation time collapsed, escalating from a single-day strike in June. Samsung's leadership faces mounting pressure as it competes in the AI market and prepares to unveil new products. The risk of production disruptions and turmoil within the company looms large. The National Samsung Electronics Union escalates the strike due to a breakdown in pay talks, demanding higher wages and additional paid leave. The dispute highlights tensions over bonuses and profit-sharing, with workers fearing a significant reduction in compensation.