Thousands of Samsung workers begin three-day strike over pay, working conditions

(Sharecast News) - More than 6,000 members of the National Samsung Electronics Union (NSEU) began a three-day walkout over pay and working conditions on Monday, just days after the South Korean conglomerate reported a 10-fold increase in quarterly profits. The five-year-old union, which called its first-ever strike back in May, claimed that 6,540 of its 30,000 members went on strike across the country,

The aim of the action is to "disrupt production", according to a union leader in a televised interview outside a Samsung plant in Hawseong - though Samsung claimed that output had not been affected.

Unionised members are calling for higher wages, changes to the bonus scheme and an improvement in working conditions, including more annual leave.

Samsung shares have risen sharply over the past few trading sessions after the firm reported a 931% increase in operating profits for the first three months of the year to 6.6trn won (£3.9bn), smashing the 5.7trn-won consensus forecast.

The company also pointed to a second-quarter profit of 10.4trn won, up from just 670bn won a year earlier and well ahead of the 8.8trn forecast, on the back of surging demand for its AI chips.

The stock closed Monday's session in Seoul 0.3% higher at 87,400 won, up nearly 7% on the week.