Samsung Electronics workers and management struck a deal late Wednesday, just 90 minutes before a strike deadline, after Labour Minister Kim Young-hoon brokered last-minute talks. The 70,000-strong union accepted 10.5 per cent of operating profits for semiconductor workers, plus an average 6.2 per cent wage increase.

The agreement links bonuses to Samsung hitting Won200tn ($133bn) in annual operating profit from 2026 through 2028, a target analysts say the company should clear comfortably given projections above Won300tn this year. A strike would have dented Korea's GDP by 0.5 per cent, according to the Bank of Korea.

Kospi jumped more than 6 per cent on the relief rally, with Samsung stock rising nearly 7 per cent. Union chair Choi Seung-ho said members would vote on the deal before May 27 and called on staff to report Thursday as usual. The breakthrough ends a rare labor standoff at Samsung, where founder Lee Byung-chull once vowed to never allow unions.