Speaking of Rising Costs…
Samsung Electronics has agreed to raise the average salary of all employees by 9% this year after continued negotiations with the company’s labor-management council that had requested an increase of 15%. The increase agreed upon was the highest increase in the last 10 years and is usually announced in March, but difficult negotiations in light of general economic conditions took two months longer than usual and with Samsung’s 1st quarter operating profit up 50.5%, it was likely a forgone conclusion that the company would have to share a portion of those profits with employees.
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