Samsung Electronics’ management and union have signed an annual wage agreement, the first of its kind in the company's 53-year history.
 
The labor union and management held a signing ceremony at Samsung Electronics' Giheung campus, south of Seoul, on Wednesday.
 
Under the deal, the union will follow the wage increase rate set by the company, which had proposed an average pay raise of seven-point-five percent for 2021 and nine percent for this year.
 
The tech giant and its union reached an agreement on more incentives for employees who work on traditional holidays and compensation for unused paid holidays.
 
The two sides also decided to organize a labor-management task force to improve the peak wage system as well as working conditions.
 
This marks the first wage deal between Samsung Electronics’ labor and management since the electronics maker was founded in 1969.