Seoul, May 5 (IANS) Unionised workers at Samsung Biologics, the biotech arm of Samsung Group, continued their first general strike for a fifth day on Tuesday, demanding higher wages and expanded performance-based compensation.The walkout began on Friday, with about 2,800 members out of the union’s 4,000 members taking part, according to the union.It marks the first strike since the company’s establishment in 2011, reports Yonhap news agency.After wrapping up the five-day strike, the union plans …
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Seoul, May 3 (IANS) Samsung Biologics, the biotech arm of Samsung Group, has agreed to return to the negotiation table this week, a corporate official said on Sunday.The two sides will renegotiate on Monday under the mediation of the Jungbu regional employment and labor office, after the first round of talks fell through on Thursday.The strike is the first ever for the union, with the walkout entering its third day on Sunday, reports Yonhap news agency.”Our decision to respond to the labor minis…
Seoul, May 2 (IANS) Unionized workers at Samsung Biologics, the biotech arm of Samsung Group, continued to stage a strike on Saturday for a second day, according to union officials, with the union and the company showing little signs of bridging gaps over wages and other issues.The union of Samsung Biologics began the strike on Friday, marking the first walkout since the company’s establishment in 2011, reports Yonhap news agency.The union is seeking a 14 percent increase in both base and perfor…
Seoul, May 1 (IANS) Unionized workers at Samsung Biologics, the biotech arm of Samsung Group, began a five-day general strike on Friday, demanding higher wages and expanded performance-based compensation.The walkout marks the first labour strike since the company’s establishment in 2011.Samsung Biologics said it is deploying all available personnel to minimize disruption but acknowledged that some impact to operations may be unavoidable, reports Yonhap news agency.The company estimated that loss…
Seoul, April 23 (IANS) Samsung SDS, the information technology (IT) service arm of Samsung Group, said on Thursday its first-quarter net profit fell nearly 60 per cent from a year earlier due to a one-off factor.Net profit for the January-March period came to 91.8 billion won (US$62.1 million), down 57.8 percent from 217.7 billion won a year earlier, reports Yonhap news agency.Its operating profit tumbled 70.8 percent on-year to 78.3 billion won and sales fell 3.9 percent to 3.35 trillion won.Th…
Seoul, April 5 (IANS) The owner family of Samsung Group is set to complete the payment of roughly 12 trillion won ($8 billion) in inheritance taxes on assets left by the late Chairman Lee Kun-hee later this month, industry sources said on Sunday.The payments, scheduled over five years since 2021, mark the end of one of the largest inheritance tax obligations in South Korean history and are expected to ease financial pressures on the family, potentially accelerating Chairman Lee Jae-yong’s push f…
Seoul, Jan 26 (IANS) Samsung Electronics said on Monday it plans to provide treasury shares worth 175.2 billion won ($120 million) to its executives under its excess profit incentive (OPI) system.The South Korean tech giant said in a regulatory filing that it will distribute a total of 1.15 million treasury shares to 1,051 executives under the incentive program, without selling the shares on the market.Under Samsung Electronics’ OPI system, employees can receive up to 50 percent of their annual …
Seoul, Jan 25 (IANS) Lee Jae-yong, chairman of Samsung Electronics Co, has urged the company’s executives not to become complacent despite a sharp rebound in earnings, stressing that the company faces a “last chance” to restore its competitiveness, industry sources said on Sunday.Lee delivered the message during a recent seminar for Samsung Group executives, following the company’s announcement of a record operating profit of 20 trillion won (US$13.8 billion) for the fourth quarter amid a semico…