عربي English Türkçe اردو فارسى
Logo
Latest News
Business

Samsung Electronics Says it Reaches Preliminary Wage Deal with Union

FILE PHOTO: Samsung Electronics’ booth is seen during Korea Electronics Show 2024 in Seoul, South Korea, October 23, 2024. REUTERS/Kim Hong-Ji/File Photo
FILE PHOTO: Samsung Electronics’ booth is seen during Korea Electronics Show 2024 in Seoul, South Korea, October 23, 2024. REUTERS/Kim Hong-Ji/File Photo
TT
TT

Samsung Electronics Says it Reaches Preliminary Wage Deal with Union

FILE PHOTO: Samsung Electronics’ booth is seen during Korea Electronics Show 2024 in Seoul, South Korea, October 23, 2024. REUTERS/Kim Hong-Ji/File Photo
FILE PHOTO: Samsung Electronics’ booth is seen during Korea Electronics Show 2024 in Seoul, South Korea, October 23, 2024. REUTERS/Kim Hong-Ji/File Photo

Samsung Electronics has reached a preliminary agreement with its main workers' union in South Korea for a wage increase of 5.1%, it said on Thursday.
Union members will vote on the deal, which includes more holidays and bonus points that can be used to purchase Samsung Electronics products and other perks, for one week starting on Thursday, the company said.
The National Samsung Electronics Union also announced the preliminary deal on its YouTube channel, Reuters reported.
The union, whose 36,500 members make up about 30% of Samsung Electronics' South Korean workforce, went on strike in July although the company said it did not lead to any disruption in production.

Most Viewed

 
 
Business

SAMA Governor: Saudi Arabia Plays Key Role in Supporting Global Economic Recovery

G20 leaders meet in Brazil. (Reuters)
G20 leaders meet in Brazil. (Reuters)
TT
TT

SAMA Governor: Saudi Arabia Plays Key Role in Supporting Global Economic Recovery

G20 leaders meet in Brazil. (Reuters)
G20 leaders meet in Brazil. (Reuters)

Saudi Central Bank (SAMA) Governor Ayman Al-Sayari emphasized the Kingdom’s pivotal role in sustaining global economic recovery and maintaining financial stability. He also highlighted Saudi Arabia’s active participation in addressing key issues during Brazil’s presidency of the G20 Summit.

In a statement to the Saudi Press Agency (SPA), Al-Sayari affirmed the Kingdom’s commitment to achieving the summit’s goals and strengthening multilateral cooperation to tackle challenges such as slow growth and rising global debt levels.

Al-Sayari noted that Saudi Arabia’s participation in the G20 reflects its efforts to promote its own interests while contributing to global economic stability, particularly for regional economies. As the only Arab member of the group, Saudi Arabia seeks to leverage its position to enhance global financial resilience.

He recalled the Kingdom’s leadership of the G20 in 2020, during which it prioritized measures to accelerate global economic recovery, foster financial inclusion, ensure financial stability, and assist low-income countries in mitigating the impacts of the COVID-19 pandemic.

Key issues currently under discussion include the slow global economic growth, high inflation rates, rising global debt, and disparities in economic policies among nations.

Al-Sayari highlighted the importance of the G20’s Common Framework for Debt Treatments, a key initiative launched during Saudi Arabia’s presidency of the group. The framework aims to alleviate the debt burden of the world’s most vulnerable countries, a concern that has grown more pressing as sovereign debt levels reach unprecedented heights.

The governor underscored the alignment between the objectives of Saudi Arabia’s Vision 2030 and the G20’s goals, particularly in fostering financial stability and sustainable development. This includes initiatives to develop financial markets, mitigate risks, adopt global best practices, and ensure the financial sector’s stability while expanding its services and products to support the transition to a sustainable economy.

Moreover, Al-Sayari pointed out ongoing efforts to enhance the fintech sector through updated regulatory frameworks and improved guidelines. The Kingdom also aims to increase financial inclusion and awareness by providing individuals and businesses with access to licensed financial services, ensuring consumer protection, and promoting fairness and transparency in financial transactions.