Samsung union approves deal for massive bonuses

The prospect of a strike had sparked concerns in South Korea, where Samsung Electronics accounts for around 12.5% of the country’s gross domestic product. (Photo: AFP)

SEOUL - Samsung Electronics union members on Wednesday approved a deal with management securing massive annual bonuses after threatening a major strike, as the global artificial intelligence boom causes the South Korean chip giant’s profits to soar.

The agreement means that around 78,000 employees from the company’s 125,000-strong domestic workforce are eligible to receive a bonus of roughly $370,000 (12 million baht) this year, based on a market estimate of annual operating profit.