Samsung Electronics management and the Samsung Electronics Labor Union reached a tentative agreement on bonus payments on the evening of May 20, during mediation led by South Korean labor minister Kim Young-hoon, KBS reported. The union will postpone an 18-day strike by roughly 48,000 workers, due to start May 21, and hold a vote starting from May 22-27 to approve the deal.

Samsung's profits soared over the last year on the back of the global AI boom and surging demand for the company's memory chips. While fellow South Korean chipmaker SK Hynix expanded its bonus policies amid this boom, Samsung's policies were more rigid, leading to a five-month dispute with labor unions.