Samsung employees are currently engaged in a significant strike to demand better working conditions and increased wages, as the labor action enters its third week. On Monday, around 1,200 members of the National Samsung Electronics Union (NSEU) gathered for a large rally at the Giheung campus in Yongin, South Korea.
The strike follows recent talks between the union and Samsung regarding wage negotiations, as reported last Friday. The NSEU initially declared an indefinite strike on July 8 after previous efforts to secure improvements for its members were unsuccessful.
While the union represents over 30,000 employees, the precise number participating in the indefinite strike remains unclear. This current labor action marks the largest strike in Samsung’s history.
Despite Samsung’s projections indicating a staggering 1,450% year-over-year increase in second-quarter revenue, largely attributed to advancements in AI, union members have expressed concerns over stagnant wages despite the company’s record profits. Recent reports indicated that Samsung’s profits surged tenfold in the first quarter of 2024, yet workers feel they have not shared in this financial success.
Many striking employees are involved in Samsung’s foundry operations, where they produce advanced computer chips. Additionally, experts note that Samsung has historically been resistant to unionization and lacks extensive experience in negotiating with its workforce.
The outcome of this strike could have far-reaching implications not just for Samsung employees but for labor movements across South Korea, as suggested by Vladimir Tikhonov, a professor of Korean studies. Should the workers succeed in their pursuit, it may inspire labor activism nationwide.
This situation highlights the ongoing struggle for fair labor practices within major corporations and the potential for a shift in power dynamics in South Korea’s labor market. As Samsung faces mounting pressure to reach a resolution, the hope remains that positive changes can come from the ongoing negotiations.