Seoul: Samsung Electronics Co. and its largest labor union have reached a preliminary agreement on a 5.1 percent pay increase, officials announced Thursday. This development marks a potential end to the stalled wage negotiations that had led to a strike lasting several weeks. According to Yonhap News Agency, the tech giant and the National Samsung Electronics Union, which represents 31,000 workers or about 24 percent of the company's workforce, have been engaged in multiple rounds of talks since January. The discussions focused on the wage increase rate, vacation systems, and bonuses, without reaching a resolution until now. The union had initially demanded a 5.6 percent basic pay raise for all members, along with a guaranteed day off on the union's founding day and compensation for economic losses incurred due to the strike. In response, the company offered a 5.1 percent increase in wages. As part of the agreement reached Thursday, Samsung Electronics agreed to secure paid hours for union members to parti cipate in union meetings and provide online cash for purchasing Samsung products, in addition to the 5.1 percent pay raise. The agreement also outlines mutual efforts to foster a cooperative relationship and contribute to activities aimed at enhancing corporate social responsibility. Samsung Electronics stated that it will focus on improving its business competitiveness with the agreement in place, while the labor union committed to achieving meaningful results in next year's wage negotiations. The preliminary agreement is set to be voted on by union members through next Thursday.