Samsung, employees agree to 5.1 pc pay raise for 2024

Seoul, March 29 (IANS) Samsung’s management and its workers agreed to an average 5.1 per cent pay raise for the year, sources said on Friday.

The world's largest memory chip and smartphone maker reached an agreement with representatives of its employees over wages and extending maternity leave, according to the sources, reports Yonhap news agency.

This year's 5.1 per cent pay raise is higher than the 4.1 per cent wage hike of the previous year.

Samsung Electronics said it has decided to raise wages by some 5 per cent to boost employee morale despite continued global uncertainty.

Separately, Samsung's unionized workers, which accounted for around 4 per cent of the total 110,000 workers, have called for a 6.5 per cent wage hike and engaged in wage negotiations with the management since late last year.