South Korea says it will pursue all options to avoid Samsung strike

South Korea will pursue all options, including emergency arbitration, to avoid a labour strike at the country's biggest employer Samsung Electronics and to minimise any damage if one does occur, its prime minister said on Sunday.



The world's largest memory chip maker and its South Korean labour union will resume pay talks on Monday with a government mediator, in a move that could ease concerns over a potentially disruptive strike at the tech giant that accounts for nearly a quarter of the country's exports.



"Just one day of suspension at Samsung Electronics' semiconductor factory is expected to incur direct losses of as much as 1 trillion won ($667.68 million)," Prime Minister Kim Min-seok said after an emergency meeting with ministers on Sunday.



An emergency arbitration order, which can be invoked by the labour minister if the country deems a dispute is likely to harm the economy or daily life, immediately prohibits industrial action for 30 days while the National Labor Relations Commission conducts mediation and arbitration.



It has rarely been invoked and would represent an extraordinary step for a union-friendly administration.



The union said it would negotiate in good faith to reach an agreement with management.