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Impact on Samsung's stock price due to the strike by the end of July 2024
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Samsung Workers Begin Largest Strike in 50-Year History, Threaten Indefinite Action
Jul 10, 2024, 02:10 AM
Unionized workers at Samsung Electronics have initiated a three-day strike, marking the largest labor action in the company's 50-year history. The strike, which began on Monday in Hwaseong, involves over 6,500 workers and is driven by demands for better pay, including a 5.1% pay raise, an additional day of annual leave, and changes to the bonus system. The National Samsung Electronics Union, representing roughly 30,000 members, about 24% of the firm's South Korean workforce, has stated that the strike could extend indefinitely if their demands are not met. Despite the strike, Samsung has maintained that production has not been disrupted. However, the union claims that semiconductor production has been affected.
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