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South Korea is considering all available measures, including emergency arbitration, to prevent a potential labor strike at Samsung Electronics, according to Prime Minister Kim Min-seok. The government is aiming to minimize economic disruption as wage negotiations between Samsung Electronics and its labor union are set to resume on Monday with the help of a government mediator.
The possible strike at Samsung Electronics has raised serious concerns because the company is the world’s largest memory chip maker and one of South Korea’s most important exporters. Prime Minister Kim stated that even a single day of halted operations at Samsung’s semiconductor facilities could cause direct losses of up to 1 trillion won, or approximately $667 million. He also warned that production interruptions in semiconductor manufacturing can have long-lasting consequences, potentially shutting down manufacturing lines for several months.
Kim emphasized that the economic fallout could become much larger if chip production materials need to be discarded during a prolonged strike. Government estimates suggest the total economic damage could reach nearly 100 trillion won in a worst-case scenario.
To prevent disruption, South Korea may invoke an emergency arbitration order through the labor ministry. This measure would temporarily ban industrial action for 30 days while the National Labor Relations Commission continues mediation and arbitration efforts. The action is rarely used in South Korea and would be considered an extraordinary move, especially under an administration viewed as labor-friendly.
Samsung Electronics plays a critical role in the South Korean economy. The company reportedly accounts for 22.8% of the country’s exports and around 26% of the domestic stock market. Samsung also employs more than 120,000 workers and works alongside approximately 1,700 suppliers across the nation.
The Samsung labor union said it plans to continue negotiations in good faith in hopes of reaching an agreement with management and avoiding a damaging strike.
