The Samsung Electronics Labor-Management Council issued an internal announcement today saying that labor and management have reached an agreement on a 9% increase in the average salary of all employees in 2022.
The salary increase required by the agreement was 15%, but the two sides reached a consensus on a 9% increase after taking into account factors such as domestic and foreign economic conditions. This is 1.5 percentage points higher than the highest increase in nearly 10 years (7.5% last year). As a result, according to the performance appraisal results of employees, the maximum salary increase can reach 16.5%, and the starting salary of undergraduate graduates will increase to 51.5 million won (about 270,000 yuan). In terms of vacation, both employers and employees have agreed to add 3 days of paid annual leave and extend paternity leave from 10 days to 15 days to help employees achieve work-life balance.
Samsung Electronics usually announces the results of salary negotiations in early March each year, but this time, 11 negotiations were conducted, and the results were delayed until now.
The Korean CXO Research Institute analyzed the annual salary of Samsung executives and employees and found that the average salary of ordinary employees last year was about 743,400 yuan. In 2021, the average salary of the Samsung CEO is about 33.36 million yuan, which is about 44 times that of ordinary employees.
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