Samsung Electro-Mechanics management, union agree on salary increase

[Courtesy of Samsung Electro-Mechanics Co.]

The Samsung Electro-Mechanics Co. management and union reached an agreement on the wage and collective deal for 2024.

The company announced on Tuesday that the 2024 wage and collective agreement was signed on Monday, with key representatives from both sides in attendance. The agreed average wage increase for the year is 5.1 percent, comprising a base increase of 3 percent and a performance increase of 2.1 percent. This is a 1 percentage point rise from the previous year’s 4.1 percent.

The company’s management and the union engaged in 16 rounds of negotiations starting in March 2024 before finalizing the agreement and is the first wage and collective agreement since the union‘s establishment in January. The company emphasized that the agreement was achieved without third-party intervention, setting the stage for a cooperative labor-management relationship.

Both management and the union expressed optimism about fostering a forward-looking, mutually respectful labor-management relationship via this agreement.