Samsung Strike: Workers Demand Change Amid Record Profits

Samsung employees striking for improved working conditions and higher salaries gathered for a significant rally in South Korea on Monday, marking the third week of their protest against the company.

Approximately 1,200 members of the National Samsung Electronics Union (NSEU) marched through the Giheung campus in Yongin. This demonstration followed initial wage negotiations held between the union and Samsung on Friday.

The NSEU announced an indefinite strike on July 8 after an earlier walkout failed to achieve the desired workplace improvements. While the union represents over 30,000 workers, the exact number participating in the ongoing strike remains unclear. Nonetheless, this strike is noted as the largest in Samsung’s history.

Samsung anticipates a staggering increase in its second-quarter revenue, projected to surpass 1,450% year-over-year, largely credited to a boom in artificial intelligence. Additionally, the company reported a tenfold rise in profits during the first quarter of 2024. Despite the company’s financial successes, the NSEU argues that employees have not seen corresponding salary increases.

Many of those on strike are employed at Samsung’s foundry, where they manufacture cutting-edge computer chips, according to reports.

Experts indicate that Samsung has a challenging history with union relations and lacks significant experience in negotiating with its workforce. If the workers achieve their goals, it could set a precedent that empowers labor movements across South Korea, according to Vladimir Tikhonov, a professor of Korean studies at the University of Oslo.

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