China’s Services Sector Posts Slowest Growth in Five Months as Demand Softens 
IMF Deputy Dan Katz Visits China as Key Economic Review Nears 
Australia’s Economic Growth Slows in Q3 Despite Strong Investment Activity 
Amazon Italy Pays €180M in Compensation as Delivery Staff Probe Ends 
Anthropic Reportedly Taps Wilson Sonsini as It Prepares for a Potential 2026 IPO 
Asian Currencies Steady as Rupee Hits Record Low Amid Fed Rate Cut Bets 
Asian Markets Mixed as RBI Cuts Rates and BOJ Signals Possible Hike 
Asian Markets Mixed as Fed Rate Cut Bets Grow and Japan’s Nikkei Leads Gains 
Australia Moves Forward With Teen Social Media Ban as Platforms Begin Lockouts 
USPS Expands Electric Vehicle Fleet as Nationwide Transition Accelerates 
China Urged to Prioritize Economy Over Territorial Ambitions, Says Taiwan’s President Lai 
Michael Dell Pledges $6.25 Billion to Boost Children’s Investment Accounts Under Trump Initiative 
ExxonMobil to Shut Older Singapore Steam Cracker Amid Global Petrochemical Downturn 
Microchip Technology Boosts Q3 Outlook on Strong Bookings Momentum 
IKEA Launches First New Zealand Store, Marking Expansion Into Its 64th Global Market 
Germany’s Economic Recovery Slows as Trade Tensions and Rising Costs Weigh on Growth 
OpenAI Moves to Acquire Neptune as It Expands AI Training Capabilities 
Samsung Display finally reached an agreement with the company’s labor union regarding wages. With the development, the workers will now end their planned two-week strike.
The union officials shared on Monday, July 5, that because the management of Samsung Display suggested an agreeable wage terms, they will now be ending their strike soon. Since June 21, six union representatives went on strike to demand a 6.8 percent hike in the workers’ base pay and the action was described as the first-ever walkout in the history of Samsung.
The deal between Samsung and the labor union
As per Yonhap News Agency, the labor union decided to call off its demand of a 6.8 percent wage increase and instead, accepted Samsung Display’s suggestion of just 4.5 percent increase. The representative of the union said that the members of the union voted and 83% agreed so they have approved the company’s proposal.
"We withdrew our wage increase demand for the sake of the company's competitiveness in consideration of the prolonged COVID-19 and intensifying external competition," Samsung’s labor union stated. "The company promised to provide wage data for the next wage negotiations, which will resume four months later."
With the agreed new deal, the six union members who went on strike in Samsung Display’s plant in Asan, are expected to return to work next week. The management and the union are set to formally sign the wage hike agreement this coming Thursday, July 8.
The labor union was only launched in February 2020 under the Federation of Korean Trade Unions. Currently, it has around 2,400 members but this is only 10% of the company’s total number of workers.
First-ever strike in Samsung’s history
The strike was the first-ever in the history of Samsung and it was staged as the workers and the management failed to reach a compromise on salary increase. It was also the first walkout since the jailed Samsung chief, Lee Jae Yong, vowed to abolish the company’s "no labor union" policy.
The Korea Herald reported that if the parties were not able to reach an agreement, Samsung Display would have experienced a full-scale strike that will be joined by hundreds of workers. It was a good thing that the issue did not escalate further and resolved before the strike gets bigger.
