Samsung Freezes Wages This Year

      February 27, 2015 12:43

      Samsung Electronics is freezing wages for all staff this year as earnings plunged due to sluggish smartphone sales last year.

      The electronics giant reached the decision in talks with unions, it said on Thursday. The enterprise-wide freeze is the first since 2009, just after the global financial crisis.

      The firm saw both sales and operating profit plummet for the first time since the Asian Financial Crisis last year, a spokesman said, and to overcome the crisis, staff have decided to follow the example of its executives.

      Earlier, Samsung Group said there will be no wage rises for over 2,000 executives at the group and affiliates this year.

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