In the words of Mario:
Pay your workers. Share the success.
Professor Kwon Seok-joon at Sungkyunkwan University previously estimated that the 18-day walkout alone would cause 10 trillion to 17 trillion won ($17 billion) in direct losses, while JPMorgan has projected total losses of up to 43 trillion won ($28 billion) when factoring in labor costs and extended production disruption.
Nice☺️ Let them suffer even more!
Samsung sent a letter to the union today following the collapse of talks earlier this week, proposing that both sides resume talks without preconditions on Saturday, but union head Choi Seung-ho rejected the overture, telling Korean media that negotiations could take place after June 7, the scheduled end date of the strike.
You had years to make things right, cunts, so you can suffer through 18 days of losses at the very least.
If you weren’t such horrible greedy abominations, you could have just given the 28 billion in bonuses. Fucking greedy cunts should pay hundred fold now.
https://www.techspot.com/news/112343-samsung-chip-workers-reject-340000-bonus-sk-hynix.html
For context, Samsung offered the workers a one-time $340K bonus. Workers refused, since their competitor SK-Hynix has annual employee profit-sharing. SK employees are getting $477K bonuses this year, and $900K next year. The 18 day strike will cost Samsung around $250K loss per employee. This likely won’t be the last strike.
The disputes are over profits from HBM memory used in AI servers. Expect memory prices to keep going up.
Is that 340k in USD?
Quick read of the article and it only shows “$” and not ₩. So I assume that means USD.
That’s a big payout, and it shows how much we’re getting gouged for memory prices.
OP’s article sucks. It is all in Won according to this article from Tom’s hardware
Professor Song Heon-jae of the University of Seoul puts the figure higher, projecting losses of approximately 1 trillion won ($700 million) per day from factory shutdowns, Seoul Economic Daily reported on April 26.
So Samsung offered like $225 USD for a one time bonus to these employees. No wonder they’re striking
Ah, that makes more sense. $225 is minimal for a “bonus” payout. Thanks for finding a better source.
That’s a one-time, but that’s less than 200K per month (still a lot)
Why would a company in Korea be paying Koreans in American currency?
It wouldn’t, but translating to the currency of the reader is very commonplace.
$400k bonus per employee? Forgive me for not shedding a tear in solidarity with them.
The article is wrong check other sources its about $400 USD per employee
Minimum wage should be over $70 an hour just to be on par with the 1950’s. Minimum wage. If you had any solidarity with other workers, you would already be pulling in the amount they are demanding.
You should demand the same if working for a company that makes the levels of money Samsung does. We’re cooked over here in the west.
Ohh, poor corporation, if only there was a way to not make that happen. Oh wait, there is, just pay them good money
you have to wonder how much it would cost to pay their workers a real wage versus taking a $2B!!! a day loss from strikes.
It is the principle of the matter. They’d rather cut off their own nose to spite their face.
2B/day is temporary one-off cost…higher salary is continuous recurring expense.
More strikes are likely to happen in the future if they dont conceed and even if there are strikes, underpaying your employees can lead to them leaving for better opportunities and you will likely have to replace them at higher cost, lower experience or both.
Of course, but inertia in peoples routines and daily life is also immense. They have definitely made some extensive cost/benefit and risk analysis on this scenario.
Definitely.
Considering that each chaebol owns many industries, that money goes right back into the pockets of Samsung. The chaebols effectively include company stores, with their own versions of KFC, Wendy’s, Krogers, Wal-Mart, 7-11, and so forth.
It is that never-ending greed of the rich, that makes them dissatisfied with merely getting most of the money. I suspect that even if they got everything, the executives would demand the flesh of the workers - because 100% isn’t enough, it must be MORE.
yes, but people can always strike again for longer and more often.
$2B/day is somehow.like 12 times the revenue they actually pull in across.the entire company
I’ve said this for years.
The bullshit justification for these cockroach companies is always about fiduciary responsibility to shareholders.
Shareholders need to start suing these companies for failing their fiduciary responsibilities by allowing strikes like this. The strikes are never surprising. They’re always obvious and the result is as well. All it does is cost millions/billions of dollars and is completely avoidable. How that doesn’t inherently fail the fiduciary responsibility is baffling to me.
Holy shit you greedy fucking bastard, would you please spare a thought for the poor shareholders??
Wow so what does this mean for foxconn? Will they rise in chip manufacturing? This is gonna probably change regions of better chip makers as foxconn was the lead in the market. Now apple is working on a ai chip for their next release. Not good Samsung as you were the lead for new better chips I wonder where you gonna go for the next chip manufacturing.
According to the Seoul Economic Daily, daily losses could approach 3 trillion won ($2 billion) if fabrication lines are paused entirely. Professor Kwon Seok-joon at Sungkyunkwan University previously estimated that the 18-day walkout alone would cause 10 trillion to 17 trillion won ($17 billion) in direct losses, while JPMorgan has projected total losses of up to 43 trillion won ($28 billion) when factoring in labor costs and extended production disruption.
Wow. What a huge amount of money to lose just because you won’t pay your highly skilled workers more.
As @osanna@lemmy.vg said, you really have to wonder how much it would cost Samsung to pay their workers more if they’re willing to tank a potentially $20-40 billion loss instead of giving the union what they’re asking for.
At that point, it’s purely ideology and contempt for anyone beneath them.
Probably - because the amount of money they’re about to lose was probably less than what actually negotiating with the union would’ve cost them
How many people do your think they employ? Because I performed seconds of painstaking research and came up with 80k, so I divided $40B by 80k employees and I get $500k/worker.
They could afford to give everyone a 25k raise and it would be 20 years before it cost them a dime.
That doesn’t seem like a smart business decision.
By that calculation, even on the lower end of only losing $20 billion that’d still be 10 years before it’d cost them anymore than this rancid business decision did.
They’re so determined to not negotiate with the union that they’d rather throw away the shareholder’s money than give it to workers… And that’s just this scheduled strike. If talks fail again, I bet you there will be more to come.
Samsung might have a difficult time explaining that one at their shareholder presentation next year.
It’s in practice a class based society with the big families at the top like ancient nobility. Seems they’re having a little “let them eat cake” moment.
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Wild that when it comes to a strike, it’s always cheaper to just concede and companies never do. Ever.
Not cheaper in the long term always. Unfortunately it might still be cheaper for them to let it ride out.
How could daily losses hit $2B when their company-wide yearly revenue is $25B
Seems like the strike could cause “break-even” revenue in 12.5 days
Samsung should start making their own OS or google will probably kill their phone brand over time.
they attempted twice and fucked up both lol
Looks like they are doing it themselves.
True. I am leaving their platform. It’s just sad, since they made excellent products.
Tizen exists since years.
Well, not really a phone os is it?
It actually is, although Samsung only released Tizen phones from 2015 to 2017.
But now it is only their smart tv os right?
Practically yes, although they still market it as a multi-device OS.
Never heard of it in use as a smart phone. But what the heck, we learn something new every day.
The website says it is: https://www.tizen.org/devices/
This website says no:
Samsung pretty much controls Android market, Google is afraid to fart sideways in their presence.
I don’t think so.
So it begins. (hopecore)
Cucks.
