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South Korean Prime Minister: A one-day shutdown of Samsung's semiconductor plant could result in losses of up to 1 trillion won

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ME News report: On May 17 (UTC+8), Samsung Electronics and its Korean union will resume wage negotiations next Monday with the involvement of a government mediator, a move that could ease market concerns about a potentially disruptive strike at this tech giant. “Even if only Samsung Electronics’ semiconductor plants are shut down for a single day, it is expected to cause direct losses of up to 1 trillion won (about US$668 million),” South Korean Prime Minister Kim Min-seok said on Sunday after an emergency meeting with ministers. “What’s even more worrying is that a short-term halt in semiconductor production lines could lead to months of production unable to resume.” Kim Min-seok added that if materials must be discarded due to the strike, market fears that economic losses could expand may reach as high as 100 trillion won. Under the rules, if the South Korean government determines that a labor-management dispute could endanger the economy or people’s livelihoods, the Minister of Employment and Labor may issue an emergency arbitration order. The order would immediately ban industrial action for 30 days, while the National Labor Relations Committee carries out mediation and arbitration. This measure is rarely used. (Jin10) (Source: ODAILY)
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