SEJONG, South Korea (Reuters) – Samsung Electronics and its South Korean labour union kicked off a new round of government-mediated pay talks on Monday, in a bid to avert a strike at the tech giant, which accounts for nearly a quarter of the country's exports.
The talks follow the collapse last week of a first round of negotiations over pay and bonus schemes, ahead of a strike due to begin on May 21 at the world's largest memory chipmaker.
Before the meeting, a union leader told reporters that it would engage sincerely in the talks.
South Korean government officials, including the prime minister and finance minister, have voiced concerns that a strike should be avoided at all costs, warning it could pose significant risk to economic growth, exports and financial markets.
South Korean President Lee Jae Myung said in a social media post on Monday that management rights should be respected as much as labour rights.
Samsung Electronics shares reversed course after Lee's post, rising as much as 3.5% in morning trade, compared with a 1.5% decline in the benchmark KOSPI index.