Samsung unions voted in favor of deal that will give chip workers $400,000 in bonuses
Key takeaways
- But non-chip workers reportedly aren't happy with the bonus structure.
- Chung Sung-jun/Getty Images Samsung's two largest unions have voted in favor of a wage agreement that will give the company's chip workers up to $400,000 in bonuses this year.
- Bloomberg says Samsung is slated to distribute KRW 40 trillion ($26.6 billion) for the payouts, and they average more around $340,000 per employee based on its calculation.
But non-chip workers reportedly aren't happy with the bonus structure.
Chung Sung-jun/Getty Images Samsung's two largest unions have voted in favor of a wage agreement that will give the company's chip workers up to $400,000 in bonuses this year. According to Yonhap News, 73.7 percent of the two unions' 62,616 members voted to approve the deal during a six-day voting period that started on May 22. While the union hasn't released formal numbers for the bonuses, Samsung is expected to rake in up to KRW 300 trillion in operating profit this year, which leads payouts of up to KRW 600 million ($400,000) for each of the 28,000 employees in the company's chip division.
Bloomberg says Samsung is slated to distribute KRW 40 trillion ($26.6 billion) for the payouts, and they average more around $340,000 per employee based on its calculation. Regardless of the actual amount, people in Samsung's top moneymaking division will be getting bonuses around thrice as large as their annual pay. The company will be paying out the bonuses in company stock over at least 10 years, contingent on the memory division making at least KRW 200 trillion ($133 billion) in annual profit from 2026 to 2028 and KRW 100 trillon ($66 billion) from 2029 to 2035.