UPDATE 1-Samsung workers to begin vote on pay deal

​Some 89,000 unionised Samsung Electronics' workers ​in South Korea will ‌begin voting on ​Friday on a pay deal that has been hailed as a win for the company as well ‌as its memory chip workers.

Voting, which is being conducted electronically, will begin at 2:12 p.m. after a brief delay due to a server overload, the union said. ‌The vote is due to run until 10:00 a.m. on May 27. The ‌union's leader has said he expects the agreement to be ratified.

Approval requires a simple majority to vote in favour and a majority of all unionised members to take part. Otherwise negotiations must ⁠restart ​from scratch. The 11th-hour ⁠government-mediated deal reached on Wednesday averted a threatened 18-day strike that risked inflicting significant pain on South ⁠Korea's economy and denting global chip supply.

It resulted in an 8.5% surge in Samsung's ​share price on Thursday to a record high. The stock briefly hit ⁠a fresh record on Friday before giving up some ground to be last trading down 2.3%. Under the ⁠deal, ​all Samsung chip workers will receive 50% of their annual salary as a regular bonus in cash, according to the union. On top of that, ⁠Samsung will set aside 10.5% of the chip division's operating profit for special ⁠bonuses which will ⁠take the form of stock.

Some of its memory chip workers are set to receive total bonuses of about $416,000 this year.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)