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Insurance unit signs Samsung Group's first collective agreement with union

All News 18:33 August 12, 2020

SEOUL, Aug. 12 (Yonhap) -- Samsung Fire & Marine Life Insurance Co. on Wednesday signed its first collective bargaining agreement with its union, a move that reflects labor union policy shifts at Samsung Group.

The country's leading non-life insurance firm said the pact includes guaranteeing labor union activities and programs.

Samsung Fire & Marine Life Insurance is now the first major Samsung Group unit to sign a collective agreement after Lee Jae-yong, the de-facto leader of South Korea's top conglomerate, vowed to scrap the group's "no labor union" policy during his press conference in May.

Executives and union members of Samsung Fire & Marine Life Insurance Co. pose for a photo after signing a collective bargaining agreement at the company's headquarters in Seoul on Aug. 12, 2020. (Yonhap)

In February, Samsung Group launched an independent committee that oversees the compliance system in the group's seven major affiliates: Samsung Fire & Marine Life Insurance, Samsung Electronics Co., Samsung Electro-Mechanics Co., Samsung SDI Co., Samsung SDS Co., Samsung C&T Corp. and Samsung Life Insurance Co.

The compliance committee urged Samsung Group to resolve its labor union issues.

The labor union of Samsung Fire & Marine Life Insurance was formed in January. It is under the Federation of Korean Trade Unions, a major umbrella labor union group in South Korea.


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