The National Samsung Electronics Labor Union (Jeonsamno) ended the tent sit-in that had continued for nearly a month in front of Samsung Electronics Chairman Lee Jae-yong's residence in Yongsan District, Seoul. The withdrawal was decided as Samsung Electronics labor and management prepared a tentative wage agreement.
Jeonsamno has been dismantling the tents since the morning of the 21st. It comes 24 days after the sit-in began on the 27th, urging a meeting with the chairman over performance bonuses.
The union said it wrapped up the sit-in to focus its efforts on a member vote on the tentative agreement. A Jeonsamno official said, "With a (tentative) agreement on the table, rather than making additional demands through a tent sit-in, the intent is to focus on the vote and rally the strength of the members."
Samsung Electronics labor and management dramatically reached a tentative wage agreement late the night before, one day ahead of a general strike. The core is to create a special management performance bonus for the semiconductor (DS) division in addition to the existing OPI (operating profit-based incentive).
The funds for the special management performance bonus will be set at 10.5% of business results and other metrics selected by labor and management by agreement, and the bonus will be paid in stock rather than cash. In particular, no cap will be placed on the payout rate, allowing for exceptional rewards based on performance.
The tentative agreement will be finalized if it passes a yes-or-no vote by union members. The Samsung Electronics Union Joint Struggle Headquarters plans to hold a vote on the tentative agreement from 2 p.m. on the 22nd to 10 a.m. on the 27th under its guidance for members.