SEOUL, KOREA - Samsung Group's three financial service affiliates including Samsung Life, Samsung Fire & Marine Insurance, and Samsung Card will decide to freeze their employees' salaries this year. In addition, Samsung Securities and Samsung Asset Management may follow suit with the move.

 

On March 10, the three Samsung Group companies made a joint announcement, "In anticipation of a difficult year ahead, we decided on the 7th not to raise salaries after consultation with the union and the employee association."

 

This is the first time since 2009 for any Samsung financial affiliates to decide to freeze their workers' salaries. For the following three years, the companies have raised the salary levels by 2 to 5 percent a year.

 

Samsung Asset Management is also likely to do the same for its regular employees except asset managers who get paid according to their investment performance. As for Samsung Securities that has a union together with Samsung Life, it would hold a series of wage negotiation beginning on the 11th.