Samsung Electronics and its largest labor union reached a preliminary agreement on a 5.1 percent pay increase Thursday, officials said, paving the way for ending stalled wage negotiations that have involved a weekslong strike.
The tech giant and the National Samsung Electronics Union -- which represents 31,000 workers, or about 24 percent of the company's workforce -- have held multiple rounds of talks since January over the wage increase rate, vacation systems and bonuses without avail.
The union demanded a 5.6 percent basic pay raise for all members, a guaranteed day off on the union's foundation day and compensation for economic losses due to the strike, while the company offered a 5.1 percent increase in wages.
Under the agreement reached Thursday, the company offered to secure paid hours for union members to take part in union meetings and provide online cash that can be used to purchase Samsung products, according to the officials, in addition to the 5.1 percent pay raise.
The deal also includes details on mutual efforts to build a cooperative relationship and contributions for activities meant to enhance corporate social responsibility.
Samsung Electronics said it will focus on enhancing its business competitiveness with the agreement, while the labor union vowed to reap meaningful results in next year's wage negotiations.
The preliminary agreement will be put up for a vote by union members through next Thursday.
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