Finance Minister Koo Yun-cheol speaks during a ministerial meeting about public livelihood at the central government complex in Jongno District, central Seoul, on April 9. [NEWS1]
Finance Minister Koo Yun-cheol expressed strong concern over the failure of labor negotiations at Samsung Electronics on Wednesday, stressing that “the strike cannot take place."
Samsung Electronics' labor and management announced they had failed to reach an agreement after an extensive 17-hour mediation session that ended at 3 a.m. on Wednesday. The conflict stems from a core issue of sharing the company's profits with its employees.
“The government will continue to provide support until the very end so that the issue can be resolved through principled negotiations,” said Koo on X on Wednesday.
“It is deeply unfortunate that negotiations between Samsung Electronics' labor and management failed to reach an agreement despite the government’s post-mediation efforts,” Koo said. “Both sides must continue principled negotiations, considering the current business environment and the broader impact on the national economy.”
Koo had urged both sides to exercise wise judgment during a press briefing on Monday, when he commented on Samsung Electronics’ projected large-scale excess profits.
“Those results are not only due to efforts by Samsung management, but also reflect contributions from partner companies, government infrastructure investment and support from local governments,” Koo said.
As concerns grow over a prolonged labor dispute at Samsung Electronics, the government has publicly urged restraint and reaffirmed its willingness to support a negotiated settlement.
Choi Seung-ho, the head of Samsung Electronics' largest labor union, speaks to the press amid ongoing mediations with management in Sejong on May 12. [YONHAP]
Samsung Electronics blamed the union for walking away from the table, causing grave concern and distress among shareholders and the public.
“The post-mediation process that the government worked hard to establish collapsed due to the union walking away from the negotiation table,” the company said. “The union’s decision is causing significant concern and anxiety not only for the company, but also for employees awaiting a settlement, shareholders and the public."
The union has threatened to launch a general strike on May 21 if negotiations fall through. More than 41,000 union members reportedly pledged to participate in the strike.
Members of Samsung Electronics' labor union hold a large-scale rally near the company’s Pyeongtaek campus in Gyeonggi on April 23. [JOONGANG ILBO]
Samsung also accused the union of rejecting "flexible institutional arrangements tied to the company's business performance" while insisting only on "rigid formalization measures."
“The management will continue making every effort until the very end,” the statement added.
This article was originally written in Korean and translated by a bilingual reporter with the help of generative AI tools. It was then edited by a native English-speaking editor. All AI-assisted translations are reviewed and refined by our newsroom.
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