Samsung Strike: Workers Rally Amid Record Profits

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Samsung employees have organized a significant rally in South Korea as they continue their strike for improved working conditions and higher wages. This demonstration is part of an ongoing action that has now reached its third week, with around 1,200 members of the National Samsung Electronics Union (NSEU) participating in a march along the Giheung campus in Yongin.

The rally followed initial wage negotiation discussions that took place last Friday between Samsung and the union. The NSEU initiated an indefinite strike on July 8, after a prior attempt to secure better workplace conditions proved unsuccessful. While the union represents over 30,000 employees, it is unclear how many of them are participating in this indefinite strike, which marks the largest labor action in Samsung’s history.

Despite Samsung’s substantial profit growth, with the company forecasting a revenue increase exceeding 1,450% year-over-year due to a boom in artificial intelligence and reporting a tenfold profit increase for the initial quarter of 2024, workers are expressing dissatisfaction over stagnant wages. Many of those on strike are involved in the production of advanced computer chips at Samsung’s foundry.

Experts note that Samsung has a history of being resistant to unions and lacks experience in labor negotiations. However, there is significant hope among labor advocates that if Samsung workers successfully secure their demands, it could strengthen the labor movement across South Korea.

In summary, the striking employees are mobilizing for better pay and working conditions, amid record-breaking profits reported by their employer. With the ongoing labor action, there lies potential for important changes in the landscape of labor rights in South Korea. This rally highlights not only the current struggles of unionized workers but also the possibility of future empowerment for labor movements nationwide.

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