Samsung’s deal with union hailed as a victory as bonuses less generous than SK Hynix’s

SEOUL: The pay deal reached between Samsung Electronics and its union is being hailed as a win for the company which gained key concessions and averted a massive strike, as well as for its memory chip workers – some of whom will receive $416,000 bonuses.

Samsung’s shares surged 8.5% to a record high on Thursday after the planned 18-day strike by some 48,000 domestic workers was suspended. Union members will vote on the government-mediated agreement between May 22 and May 27. The union’s leader has said he expects it to be ratified.