[Asia Economy Reporter Jeong Hyunjin] Attention is focused on whether Samsung Electronics' labor and management will soon conclude their first-ever labor wage agreement since the company's founding. Wage negotiations have been ongoing for about three months since October last year, and the final approval process for the latest proposal is currently underway.
According to industry sources on the 23rd, the Samsung Electronics labor union held the final wage negotiation for 2021 with Samsung Electronics on the 21st, received the final wage and welfare negotiation proposal from management, and is now conducting a member approval process.
The final proposal includes discussions on abolishing or improving the wage peak system through a labor-management win-win consultative body, and measures to strengthen employee rest rights through institutional improvements. However, it is reported that the wage increase portion requested by the union was not reflected.
Since the day before, the union has been conducting a ratification process with about 4,500 union members regarding management's final proposal. If more than 50% of all union members participate and the majority approve, a wage negotiation agreement will be concluded with management.
Samsung Electronics, after Vice Chairman Lee Jae-yong's 'abolition of the no-union management principle' in 2020, signed its first labor-management collective agreement in August last year after 52 years since its founding, and has been negotiating wages with the union for 2021 since October last year.
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