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A planned strike by nearly 48,000 unionised workers at Samsung Electronics has been suspended after the company reached a tentative wage agreement with the union.
The deal came just before 18 days of industrial action was set to begin, which had raised concerns over South Korea’s economy and global chip supply.
The union said members will now vote on the agreement between May 22 and 27.
Workers had pushed for better pay and changes to bonus distribution, particularly over disparities between Samsung’s memory and logic chip divisions.
Samsung said the agreement marks progress toward “mature and constructive labour-management relations” following mediation efforts by South Korea’s labour minister.