Seoul: President Lee Jae Myung emphasized that companies' management rights should be respected as much as labor rights. This statement comes as Samsung Electronics Co. and its unionized workers engage in negotiations to avert an impending 18-day strike.

According to Yonhap News Agency, the negotiations are critical as the union demands significant performance-based bonuses, tied to Samsung's record-high earnings from its AI-related semiconductor business. The union is reportedly asking for 15 percent of the company's operating profits, potentially amounting to 45 trillion won (US$29.9 billion) annually. This figure notably surpasses the dividends paid to shareholders last year and what is anticipated this year.

President Lee, via his X account, highlighted the principles of democracy and a free market economy, stating that while workers deserve fair compensation, shareholders, too, are entitled to returns for the risks they endure. He underscored the constitutional guarantee of basic rights, albeit with possible restrictions for public welfare, urging for a balanced approach to demands to avoid adverse effects.

The president's remarks follow Prime Minister Kim Min-seok's warning about the potential economic repercussions of the strike, with the government considering emergency arbitration as a response. South Korean labor law allows the labor ministry to enact such measures if a strike threatens the national economy or citizens' daily lives.