Employees at Samsung Electronics are continuing their strike for improved working conditions and better pay, with a significant rally taking place on Monday in South Korea. The strike has now entered its third week, involving around 1,200 members of the National Samsung Electronics Union (NSEU), who marched at the company’s Giheung campus in Yongin.
This collective action follows initial wage negotiation discussions between the union and Samsung, held last Friday. The NSEU commenced an indefinite strike on July 8 after prior negotiations failed to yield the desired workplace improvements. Although the union represents over 30,000 workers, the exact number of those participating in the indefinite strike has not been disclosed. However, it is noted that this is the largest strike in the history of the technology giant.
Samsung anticipates a significant increase in second-quarter revenue, projecting a rise of over 1,450% year-over-year attributed to the AI boom. Additionally, the company reported a tenfold increase in profits for the first quarter of 2024. Despite the company’s impressive financial performance, the union claims that workers have not benefited from these record profits through corresponding pay increases.
Many of those striking are involved in Samsung’s foundry operations, where advanced computer chips utilized in various technologies are produced. Samsung has a reputation for being resistant to unionized labor, often lacking experience in negotiations with its workforce.
Experts believe that if the workers achieve their objectives, it could set a precedent for enhancing labor rights and empowering workers throughout South Korea. Professor Vladimir Tikhonov, an expert in Korean studies, remarked on the potential implications for the broader labor movement in the country.
This ongoing strike reflects a crucial moment for labor relations in South Korea’s technology sector, and it highlights the necessity for corporate accountability in sharing profits with the workforce.
Overall, the actions of the NSEU not only underscore the importance of fair labor practices but also have the potential to inspire a cultural shift towards greater recognition of workers’ rights across industries in South Korea.