Will Samsung’s $30 Trillion Loss Be Worth the Fight? Insights into the Upcoming Strike
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As Samsung Electronics’ Wage Negotiation Joint Struggle Headquarters prepares to hold a mass strike rally in front of Chairman Lee Jae‑yong’s home next month, a shareholders’ group has announced a counter‑rally opposing the action.
On the 26th, the Korea Shareholders’ Movement notified police that it will hold a \”Reclaiming Shareholders’ Rights at Samsung Electronics\” rally in front of Lee’s residence in Hannam‑dong, Yongsan District, Seoul, from 10:00 a.m. to 11:30 a.m. on the 21st of next month. The group reported 30 participants.
The Samsung Electronics union notified authorities it will hold a rally at 1:00 p.m. the same day in front of Lee’s residence. The union reported about 50 participants and said it will formally announce the strike’s scale and key plans for activities during the action.
Earlier, on the 23rd, the Samsung union held a rally in front of the Samsung Electronics campus in Godeok, Pyeongtaek, Gyeonggi Province. The union is demanding transparency and permanent rules for the performance‑bonus system; that 15% of operating profit be allocated to the bonus pool; and the removal of the cap that limits bonuses to 50% of annual salary.
At the rally, Choi Seung‑ho, chair of the Samsung Electronics branch of the Super‑Enterprise Labor Union, warned, \”If factories stop during the 18‑day general strike, we will face nearly 18 trillion KRW (13.5 billion USD) in lost output. That’s our leverage. Who will take responsibility if workers don’t receive fair compensation?\”
The union said that if negotiations make no progress, it will stage an 18‑day, companywide strike from the 21st of next month through June 7. If carried out, Samsung’s total losses could reach as much as 30 trillion KRW (22.5 billion USD).
The Shareholders’ Movement staged a counter‑protest near the rally site the same day. It pushed back, saying, \”Five million Samsung shareholders have risen up against the employees’ reckless demands, which include asking for 40 trillion KRW (30 billion USD) in bonuses and the shutdown of the world’s top semiconductor plants.\”
Officials expect the counter‑rally in front of Lee’s residence will again voice opposition to the union.
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