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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, May 17 (UTC+8), Samsung Electronics and its Korean union will resume wage negotiations next Monday with the involvement of a government mediator. This move may ease market concerns over a potentially disruptive strike at this tech giant. "Just a one-day shutdown at Samsung Electronics' semiconductor factories is expected to cause direct losses of up to 1 trillion won (approximately $668 million)," South Korean Prime Minister Han Duck-soo said after an emergency meeting with ministers on Sunday. "Even more concerning is that a brief halt in semiconductor production lines could lead to months of production downtime." Han Duck-soo also added that if materials must be discarded due to the strike, market fears of economic losses could escalate to as much as 100 trillion won. According to regulations, if the Korean government determines that a labor dispute could threaten the economy or public welfare, the Minister of Employment and Labor can issue an emergency arbitration order. This order immediately bans industrial actions for 30 days, while the National Labor Relations Commission conducts mediation and arbitration. This measure is rarely used. (Jin10) (Source: ODAILY)
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