Some 89,000 unionised Samsung Electronics’ (005930.KS), opens new tab workers in South Korea will begin voting \u200bon Friday on a pay deal that has been \u200chailed as a win for the company as well as its memory chip workers. <\/p>\n
Voting, which is being conducted electronically, will begin at 2:12 p.m. \u200bafter a brief delay due to a server overload, \u200bthe union said. The vote is due to \u2060run until 10:00 a.m. on May 27, News.Az<\/a> reports, citing CNN<\/a>.<\/p>\n The union’s leader has \u200bsaid he expects the agreement to be ratified.<\/p>\n Approval requires a \u200bsimple majority to vote in favour and a majority of all unionised members to take part. Otherwise negotiations must restart from scratch.<\/p>\n The 11th-hour government-mediated \u200bdeal reached on Wednesday averted a threatened 18-day strike \u200bthat risked inflicting significant pain on South Korea’s economy and denting global \u200cchip \u2060supply.<\/p>\n It resulted in an 8.5% surge in Samsung’s share price on Thursday to a record high. The stock briefly hit a fresh record on Friday before giving up some ground to \u200bbe last \u200btrading down 2.3%.<\/p>\n Under \u2060the deal, all Samsung chip workers will receive 50% of their annual salary as a \u200bregular bonus in cash, according to the union. \u200bOn \u2060top of that, Samsung will set aside 10.5% of the chip division’s operating profit for special bonuses which will take the \u2060form \u200bof stock.<\/p>\n Some of its memory chip \u200bworkers are set to receive total bonuses of about $416,000 this year.<\/p>\n