Employees of Samsung are currently engaged in an ongoing strike to demand improved working conditions and higher wages, culminating in a significant rally held on Monday in South Korea. This labor action enters its third week, with around 1,200 members of the National Samsung Electronics Union (NSEU) participating in a march at the Giheung campus in Yongin, as reported by the Associated Press.
The rally follows preliminary wage negotiations between the union and the company, which took place on Friday. The NSEU initially declared an indefinite strike on July 8 after previous walkouts did not yield the desired workplace improvements. While the union represents over 30,000 employees, it remains uncertain how many are participating in the ongoing indefinite strike. Notably, this strike marks the largest labor action in the history of Samsung.
Despite the company anticipating a staggering 1,450% year-over-year increase in second-quarter revenue, driven by a boom in artificial intelligence, employees feel sidelined. Samsung has reported an impressive tenfold increase in profits during the first quarter of 2024, yet the NSEU asserts that these financial gains have not translated to higher wages for workers.
A significant portion of the striking workers is employed in Samsung’s foundry, where some of the world’s most advanced computer chips are manufactured. Experts have noted that Samsung has a reputation for being unfriendly toward unions and lacks extensive experience in negotiating with its workforce.
Interestingly, academic observers, such as Vladimir Tikhonov, a professor of Korean studies at the University of Oslo, highlighted that if Samsung workers achieve their goals, it could serve as a catalyst for broader labor empowerment across South Korea.
This strike reflects a growing trend among workers demanding fair compensation and representation in the tech industry, a sector known for its rapid advancements and substantial profits. As these negotiations progress, it is vital for both workers and corporations to foster a collaborative approach that respects the contributions of employees while ensuring sustainable business practices.
In summary, Samsung employees are standing firm in their pursuit of better wages and working conditions during a historic strike that has the potential to inspire labor movements throughout South Korea, especially in an era where technology companies are experiencing significant financial successes.