Samsung’s operating profit in the January to March quarter jumped about 750% from a year earlier. <\/p>\n
Booming demand for AI chips pushed its stock market market valuation past $1tn (\u00a3744bn) in May.<\/p>\n
Last year, rival SK Hynix abolished its bonus pay cap for 10 years.<\/p>\n
This led to bonuses more than three times higher than those offered to Samsung employees. Some Samsung workers jumped ship to SK Hynix as a result.<\/p>\n
Samsung then proposed that memory chip workers receive bonuses of 607% of their annual salary \u2013 higher than SK Hynix – according to transcripts of wage negotiations seen by Reuters.<\/p>\n
But employees in other businesses would only receive bonuses of 50% to 100%, according to the documents.<\/p>\n
The union also wanted Samsung to abolish a bonus cap of 50% of annual salaries and allocate 15% of annual operating profit to a bonus pool distributed to workers.<\/p>\n
Samsung bosses previously flagged that the strike could impact South Korea’s economy more broadly, because of lower sales, investment outflows and lower tax revenue.<\/p>\n
In the statement issued after the tentative deal was agreed the company said: “With a humble attitude, we will build a more mature and constructive labour-management relationship to ensure that such an incident never happens again.”<\/p>\n
On Thursday, Samsung’s shares rose by more than 6% after the announcement, while South Korea’s Kospi stock index jumped by over 7%.<\/p>\n","protected":false},"excerpt":{"rendered":"Samsung’s operating profit in the January to March quarter jumped about 750% from a year earlier. Booming demand…\n","protected":false},"author":2,"featured_media":595545,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[20],"tags":[554,733,4308,86,56,54,55],"class_list":["post-595544","post","type-post","status-publish","format-standard","has-post-thumbnail","category-artificial-intelligence","tag-ai","tag-artificial-intelligence","tag-artificialintelligence","tag-technology","tag-uk","tag-united-kingdom","tag-unitedkingdom"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts\/595544","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/comments?post=595544"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts\/595544\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/media\/595545"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/media?parent=595544"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/categories?post=595544"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/tags?post=595544"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}