Some 48,000 workers at Samsung Electronics are set to walk off the job on Thursday, after talks on bonus payments broke off without a deal. The strike poses a threat to South Korea's economy and the global chip supply. The Korean government may order emergency arbitration to prevent the strike from damaging the economy further.
A flag bearing the logo of Samsung Electronics flutters as it rains in front of their office building in Seoul, South Korea on May 20.
Some 48,000 Samsung Electronics workers are set to walk off the job on Thursday after talks on bonus payments broke off without a deal. Hopes for a deal in the not-too-distant future were kept alive after discussions resumed late Wednesday afternoon, now mediated by Labour Minister Kim Young-hoon.
Earlier in the day, union leader Choi Seung-ho told reporters that the union had accepted a final proposal presented by the head of the National Labor Relations Commission, but the 18-day strike would go ahead as management had not come round on one remaining sticking point. Samsung said in a statement that the union had insisted on 'unacceptable demands' that included the size of bonuses for loss-making units.
Much attention will now turn to whether the government will step in and order emergency arbitration as it warned it might do at the weekend, citing the potential damage the strike could inflict on the economy
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