Samsung’s announces biggest company-wide raises in over a decade

The biggest increase of more than a decade is not enough to convince major unions to stick with Samsung employee compensation packages for the newly launched financial year. For his own backyard. According to a new report from the Far East, 3,000 employees’ representatives turned down the offer last week.

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Instead, they seek a double-digit increase in wages. In this case, the previous offer was in the range of 7.5-12%, with the last third linked to the performance bonus.

This development represents a significant change in the energy dynamics of the South Korean market. Lee Sang-hoon, former board chairman of Samsung Electronics Nadir, was jailed a year and a half ago. Although he was eligible for early release anyway, he was acquitted last August. The Supreme Court upheld the decision this February.

Empowered associations have now added hundreds of members to their ranks and are expected to move forward. Four of them are in talks with Samsung. With regard to the current crisis, the unions have been arguing for a weaker wage increase for the past three years, and they are not happy with the offer currently on the table.

It’s hard to keep track of where things go from here. Both parties have already argued that the other may not act in good faith, but neither is prepared to include the courts at this stage.

|Via|