SEOUL (dpa-AFX) - South Korean tech major Samsung Electronics Co., Ltd. has reached a tentative wage agreement with its labor union in its home country, including an average 5.1 percent pay raise for 2025, reports said citing officials.
Members of the National Samsung Electronics Union or NSEU, which represents about 36,000 employees of Samsung, will vote on the preliminary deal from February 28 to March 5.
Under the deal, which comes after 48 days of negotiations starting from January 7, employees will receive a 3 percent increase in base salary and a 2.1 percent rise in bonuses. Along with this, they will get 30 treasury shares per employee.
Both the company and the union also agreed to form a joint task force to improve the bonus system. They will share the updates every six months.
The company and the union, which represents about 30 percent of the company's total workforce, have been trying to reach a deal throughout last year, but had failed. The union also had staged the first-ever strike in Samsung Electronics' history last year.
Samsung Electronics official reportedly said, 'We will focus on strengthening our business competitiveness by using this wage agreement as an opportunity for labor-management harmony.'
In Soutth Korea, Samsung shares were down 1.6 percent to close on Monday's trading at 57,300 Korean Won.
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