The National Samsung Electronics Union, or NSEU, has called for a single-day protest against the Korean technology giant, making it the first time that an employee count of the thousands is raising their voices against the company. The Union is demanding a salary raise, along with additional bonuses linked to Samsung’s earnings. It is likely that after hearing about the organization’s 933 percent operating profit jump for the Q1 2024 period, employees believe that they have a right to a piece of those margins.
The Union representatives make up one-fifth of Samsung’s entire workforce and demand a 6.5 percent increase in their salaries
Around 28,000 workers have joined hands for a one-day protest on June 7, taking advantage of their paid leave to demand a salary raise from Samsung. The announcement of the protest was made by the Union officials who live-streamed the press conference, with Reuters reporting that there was a banner that read, ‘We can no longer tolerate labor repression, union repression.’ Assuming Samsung and its executives do not agree to the demands made or reach common ground, it would mark the first ever walkout by South Korean workers.
Samsung has attempted to appease its workers by offering a salary increment of 5.1 percent, but the NSEU has stated that it is insufficient. Instead, the employees have demanded a 6.5 percent raise in salaries, along with additional bonuses that are a part of the quarterly profits that Samsung earns. The company expects that its Q2 2024 operating profit will be slightly lower than what it accumulated in Q1, but it will attempt to achieve the utmost efficiency in all sectors by reducing its expenditure on every possible level.
Unfortunately, with the workers going on a potential strike, Samsung cannot maintain those high production levels and will suffer tremendously on nearly every front. The President of the NSEU, Son Woo-mok, has said that Samsung has claimed it has been facing a crisis for the past decade, but the head of the Union says that this should not be an excuse for ignoring the workers’ demands. NSEU is the largest of all four labor unions at Samsung, but there is no update on the smaller ones that will join in on the action on June 7.
About the author: Omar Sohail is a reporter and analyst for Wccftech's mobile section, specializing in the technology and business of the mobile industry. His expertise lies in the intricate hardware supply chain, covering developments in semiconductor manufacturing, chip lithography, and camera sensor technology.
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