Samsung Electronics' Labor-Management Agreement Tentatively Agrees on Wage Agreement for 2023 and 2024

Samsung Electronics' labor and management have tentatively agreed to wage agreements for 2023 and 2024.

Labor and management have decided to guarantee paid time for members to participate in the union's general meeting and pay 2 million points to all employees to spend on purchasing their products.

In addition, the existing plan announced in March will be applied to the 5.1% wage increase and the expansion of long-term leave.

It also includes mutual respect, efforts, and joint social contributions from labor and management to enhance competitiveness and establish cooperative labor-management relations.

Samsung Electronics said it will focus on strengthening its business competitiveness by using the conclusion of the wage agreement as an opportunity for labor-management harmony.

The agreement comes 10 months after January, when wage negotiations for 2023 and 2024 were merged and renewed.

The Korean Samsung Electronics Workers' Union will hold a vote on the provisional agreement by the 21st.