Samsung chip workers approve new deal and will receive huge bonuses

Crisis averted – Samsung workers approved a new pay deal that will see 10.5% of the company’s semiconductor operating profit be distributed as special bonuses towards workers in Samsung’s chip businesses.

Here’s the quick backstory. Samsung was facing the biggest worker strike in its history after employees in Device Solutions (memory, chipsets and fabs) became unhappy with the size of bonuses they were receiving compared to their peers at rival SK Hynix. The government stepped in and the workers union suspended the planned 18-day strike while negotiations took place between May 22 and…