Samsung Electronics has reached a preliminary agreement with its main workers' union in South Korea for a wage increase of 5.1%, it said on Thursday.

Samsung Electronics and its largest union reached a tentative agreement for a 5.1% wage increase for 2023-2024, along with benefits like internal shopping points.

Samsung Electronics (OTCPK:SSNLF) has reached an initial agreement with its main workers' union in South Korea to increase pay by 5.1%, Reuters reported. The Union members will vote on the preliminary deal that includes more holidays and bonus points which can be used to buy the company's products and other perks,

Samsung Electronics Co. and its largest labor union reached a preliminary agreement on a 5.1 percent pay increase Thursday, officials said, paving the way for ending stalled wage negotiations that have involved a weekslong strike.