Samsung Electronics will reportedly lay off 30% of its workforce by the end of the year, according to a Reuters report citing multiple sources. Only overseas workers will be removed, involving workers in the Americas, Asia, Africa and Europe.
A total of 15% of employees in sales and marketing and 30% of employees in management will be laid off. Workers in South Korea are believed not to be expelled because it would raise sensitive issues. This year, thousands of Samsung union members organized a strike to demand higher wages and annual leave.
Samsung Electronics had a challenging year with sales not returning to pre-pandemic levels. They lost their status as the world's largest smartphone manufacturer to Apple last year and their dominance in the foldable phone market is being challenged by the resurgent Huawei. Among the steps taken by Samsung this year is to oblige executive-ranked staff to work 6 days a week.