Yesterday we reported that Samsung's union will continue an 18-day strike involving nearly 50,000 workers after talks on compensation for workers failed to reach an agreement with the employer. This morning the union announced that the strike was suspended at the last minute after an initial agreement on wages was successfully reached.
The union will now hold a vote among its members between May 23–28 to agree or reject the offer made by Samsung. Union members criticized Samsung for giving bonuses three times lower than those given by SK Hynix. Like Samsung, SK Hynix also made a lot of money from selling memory chips.
Driven by high demand for memory chips from the artificial intelligence sector, Samsung recorded a profit increase of more than 750% and its market value reached $1.2 trillion last week. Samsung could suffer losses of 30 trillion won (~RM 80 billion) if the 18-day strike continues.
