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On the afternoon of August 12, local time, Samsung Electro-Mechanics (SEMCO) (009150.KS) held a signing ceremony for the 2024 wage and collective bargaining agreement at the Suwon Convention Center in Gyeonggi Province. The ceremony was attended by Park Bong-su, Head of the People Team (Vice President), Shin Hoon-sik, Head of the Respect Labor Union, and other labor and management representatives and negotiation committee members, the company announced on the 13th.

On Aug 12th, Park Bong-su, Head of the People Team (Vice President, third from the left in the front row), and Shin Hoon-sik, Head of the Respect Labor Union (fourth from the left in the front row), pose for a commemorative photo during the '2024 Wage Agreement Ceremony' at Samsung Electro-Mechanics.

The two sides agreed on an average wage increase of 5.1% for this year, which includes a base rate increase of 3.0% and a performance-based increase of 2.1%. This represents a 1.0 percentage point rise from the previous year's 4.1% increase.

Negotiations between SEMCO and the union began in March, culminating in a final agreement after 16 rounds of talks. This was the first wage and collective bargaining agreement since the union's establishment in January.

SEMCO noted that the successful conclusion of the negotiations, achieved without third-party intervention such as a request for mediation from the Labor Relations Commission, demonstrated the active communication between labor and management and laid the foundation for a cooperative relationship.

Vice President Park Bong-su expressed hope that this agreement would serve as a model for a forward-looking labor-management relationship.

Union head Shin Hoon-sik echoed this sentiment, stating, "We look forward to a future where labor and management respect each other and work together for mutual growth and development."

Editor：Lulu

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