Business
Samsung employees gets 7.5% increment in wages this year
Recently, Samsung Electronics’ labor and management decided to increase the wages of all the employees by an average of 7.5% this year. Meanwhile, the report also suggests that it is the highest level of increase in the last 10 years.
According to the news, the company increases the wages by an average of 7.5 percent which includes an additional 4.5% basic growth and 3% for performance. However, the increased wages will be paid according to the high performance of the employees based on their position.
Moreover, Samsung said that the latest wages scheme will be applied and adjusted from the next month. Despite the pandemic situation, the company still manages to keep the wages between 20% to 40% higher compared to its rival manufacturers.
The reason behind the huge increase in earnings of employees is the company’s business performance that includes the record high-sales of last year and operating profit of 36 trillion even in the global pandemic scenario.
On the other hand, Samsung’s biggest rival LG recently increased its annual salary by an average of 9% which is not a significant rise when compared to the Korean tech giant. However, it was already expected from LG due to its underwhelming performance in recent years.
Lastly, increasing the wages is a good step to boost the working spirit of the employees and it will be much better if Samsung maintains this wage hike for the upcoming years also.
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