Samsung Electronics' executive group said on Tuesday it would create a total of 5 trillion won in funds for social contributions over the next 5 years, following a final wage agreement. It is reviewing support for partner firms, inclusive finance for vulnerable groups and AI talent development. Specific contribution methods will be decided after discussions by the board and the compliance oversight committee. The group also pledged to reflect on its overall management philosophy in the wake of the latest labor dispute.

In a message to employees on Tuesday, the executive group said the wage and collective bargaining agreement was finalised after being approved in a union vote. It said it apologised again for causing concern and worry. It said the episode prompted it to look back on Samsung's management philosophy of serving the nation through business and putting talent first, and stressed it would deeply reflect on overall management as well as labor-management relations. It also said it would think fundamentally about what role Samsung should play in society, taking into account public expectations and standards.

For the 5 trillion won social contribution plan, it proposed support for second- and third-tier partner firms, the creation of an industrial accident fund, expanded inclusive finance for vulnerable groups and small self-employed business owners, industry-academia cooperation to foster AI talent, and youth education. The executive group said it would further strengthen social responsibility so that Samsung's growth and performance can create a virtuous cycle for society as well as for employees. Employees, including the labor union, also agreed to actively join the company's decision.

A signing ceremony for the wage agreement was held at 11 a.m. on Tuesday at Samsung Electronics' The UniverSE in Kihung, Yongin, Gyeonggi Province. Vice Presidents Yeo Myeong-gu (여명구) and Kim Hyeong-ro (김형로) attended on behalf of management, while Choi Seung-ho (최승호), head of the cross-company union, and Kim Jae-won (김재원), director of policy planning at the National Samsung Electronics Labor Union, among others, attended on the union side. In a vote held from May 22 to 10 a.m. on Tuesday, a tentative agreement was approved with a turnout of 95.5 percent and an approval rate of 73.7 percent. It was the final deal 167 days after initial talks in December last year.

At the ceremony, Vice President Yeo said management and labor would work as one to strengthen global competitiveness, starting with the wage agreement. He said he was grateful to the labor union and employees for negotiating with sincerity and not letting go of the thread of dialogue until the end. Choi said there were disappointing parts, but management and labor reached a meaningful agreement after prolonged dialogue and discussions. He said the union would continue to work to improve employees' working conditions and rights.

In closing its message, the executive group said, "We are one body, one family," and encouraged employees to pool wisdom and move in one direction. The 5 trillion won social contribution plan is expected to be detailed after discussions by the board.