Samsung’s Largest Strike in History: Workers Demand Fair Pay Amid Record Profits

Samsung employees striking for improved working conditions and increased pay gathered for a large rally in South Korea on Monday, marking the third week of their ongoing action against the company.

Approximately 1,200 members from the National Samsung Electronics Union (NSEU) marched through the Giheung campus in Yongin, as reported by the Associated Press. This demonstration followed initial wage negotiation talks between the union and Samsung that took place on Friday, according to Bloomberg.

The NSEU workers initiated an indefinite strike on July 8 after a previous walkout did not yield the workplace improvements they sought. While the union represents over 30,000 workers, it is unclear how many are currently participating in the indefinite strike. However, this ongoing strike has become the largest in Samsung’s history.

Samsung anticipates a significant increase in its second-quarter revenue, projecting a rise of more than 1,450% year-over-year, fueled by an AI boom. The company also reported a tenfold increase in profits for the first quarter of 2024. Nonetheless, the NSEU argues that employees are not receiving salary increases in light of these record financial results.

Many individuals on strike are employed at Samsung’s foundry, known for producing some of the world’s most advanced computer chips, as noted by AFP.

Experts highlight that Samsung has a reputation for being unfriendly towards unions and lacks experience in negotiating with its workforce. “If Samsung workers achieve success in this endeavor, it will bolster the labor movement across South Korea,” stated Vladimir Tikhonov, a professor of Korean studies at the University of Oslo, in comments to AFP.

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