Benchmark KOSPI rises more than 8 percent following deal to avert strike at top memory chip maker.
The walkout, which was due to start on Thursday, has been suspended while union members vote on a tentative deal.
South Korea’s chipmaker Samsung Electronics’ trade union said on Wednesday it will launch a planned 18-day strike after talks with management collapsed over a dispute on bonus payouts. “Around 10pm on May 19, the labour union agreed to the mediation proposal put forward by the National Labour Relations Commission; however, management expressed its refusal,” it said in a statement, adding that it would begin striking on Thursday. “The labour union will lawfully commence a general strike tomorrow...
South Korea will pursue all options, including emergency arbitration, to avoid a labour strike at the country’s biggest employer Samsung Electronics and to minimise any damage if one does occur, its prime minister said on Sunday. The world’s largest memory chipmaker and its South Korean labour union will resume pay talks on Monday with a government mediator, in a move that could ease concerns over a potentially disruptive strike at the tech giant that accounts for nearly a quarter of the...