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Samsung Elec face disgruntled shareholders and employees on top of other whammies

Collected: 2022.05.03

Distributed: 2022.05.04

Source: Go Direct

[Photo by MK DB]

Samsung Electronics Co. grapples with disgruntled shareholders and employees as its stock remains mired in 52-week weakest despite desperate moves such as executive campaign to buy treasury shares amid worsening business conditions.

Samsung Electronics turned positive, adding 0.59 percent to close at 67,700 won ($53.38) on Tuesday. The small lift came as the company turned eager to bolster stock price to appease shareholders and hopefully employees as the union has filed complaint over the management with the labor ministry over 9-percent increase in wage which it found meager against hot earnings streak.

The company since late last month has been encouraging executives to purchase corporate shares to demonstrate confidence in the company.

The No. 1 stock has stayed under 70,000 won since brief peak at 79,600 won in January.

After releasing its first-quarter statement on April 28, Samsung Electronics shares closed at 52-week low of 64,800 won.

The union unhappy with modest 9 percent increase in salaries while other tech companies are raising compensations by double digits filed a complaint against the management with the Seoul Regional Ministry of Employment and Labor on Monday.

“The management reached a settlement with a labor-management council without collective bargaining right. The union has attempted for dialogue, but the company gives it no choice but to fight,” said the union.

Samsung Electronics’ management and the council on April 29 agreed on an average 9 percent increase in the base salary, 1.5 percentage points higher than the 7.5 percent raise last year. When combining with incentives, the average salary of its employees is estimated at 160 million won.

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