A majority of unionized workers at Samsung Electronics approved a tentative wage agreement on Wednesday, averting a major strike that had threatened global chip supplies and South Korea’s economy.
About 74% of workers who participated in the vote supported the deal, according to the union. The agreement suspended plans for an 18-day strike involving about 48,000 workers, most of them from Samsung’s semiconductor operations.
Seoul-listed Samsung shares surged as much as 8% to a record high of 323,000 won.
Under the ratified agreement, Samsung will introduce a new 10-year special performance bonus system for employees in its semiconductor division and provide an average wage increase of 6.2%.
