Samsung Biologics Union Agrees to Return to Negotiation Table After First-Ever Strike
Samsung Biologics union has agreed to return to negotiations on Monday under labor ministry mediation, after the first round of talks failed. The strike, the first in the company's history, is now in its third day with around 2,800 of 4,000 unionized workers walking out. The union demands a 14% increase in base and performance pay, a 30 million won one-off cash incentive per worker, and bonuses equal to 20% of annual operating profit. The company has proposed a 6.2% combined increase and claims the strike could cause at least 640 billion won in damage, equivalent to roughly half of its first-quarter sales.