Workers staged a protest at Samsung India’s factory in Sriperumbudur near Chennai on September 11, 2024, demanding higher wages and recognition of unions.
R. Satish Babu | AFP | Getty Images
shares Samsung Electronics The company’s shares fell 3% on Friday as production at the consumer electronics unit was disrupted for a fifth consecutive day as workers at its southern India plant continued to strike.
Union representatives, Samsung management and state labor officials failed to reach an agreement Thursday on issues including wages and working conditions.
Hundreds of workers have been on strike since Monday, demanding the electronics group recognize their union, raise wages and reduce working hours. This is one of the largest such strikes in India in recent years Reuters reports.
The factory, located in the southern Indian city of Chennai, produces electronic appliances such as televisions, refrigerators and washing machines.
Reuters reported that this is one of two factories operated by Samsung in India, accounting for 30% of the group’s annual revenue of US$12 billion in India.
Samsung Electronics is one of the leading manufacturers in India’s smartphone and electronic appliances markets. The revenue of major home appliance industries in India in 2024 is estimated to be $38.2 billionaccording to Statista data.
Union leader E. Muthukumar told Reuters the workers would continue to strike until their demands for better wages and working conditions were met. “Samsung management asked us to stop the strike but did not recognize the union or talk to us, so The strike continues.”
According to local newspapers, about 85% of the factory’s 1,700 workers participated in the strike Reporting Business Standards Tuesday.
A Samsung spokesperson said in a statement earlier this week that the company “actively works with our employees to resolve any grievances they may have and complies with all laws and regulations. We will also ensure that our consumers are not disrupted.”
Samsung India’s strike follows recent wage protests in South Korea, where 36,500 members of the country’s largest union went on strike in July and August demanding higher wages and better benefits.
London Stock Exchange data shows that so far this week, Samsung Electronics shares listed on the Korean Stock Exchange have fallen by more than 6%.
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