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© yuriy chaban dreamstime.com Electronics Production | March 03, 2015

Samsung to freeze salaries in South Korea

Samsung plans to freeze the wages for its South Korean employees in 2015. This is the first time in six years, and it comes just after the company saw it's profit fall due to stiffer competition.
Samsung's move to cut costs comes after the company reported its first annual profit decrease since 2011. Samsung has been losing market shares to Apple's new iPhone models and Chinese rivals such as Xiaomi, according to a Reuters report.

The company has already frozen the 2015 wages for its executives in a move to reduce spending, the report continues.
Samsung has chosen not to elaborate on why it has decided to freeze wages. Last time this happened was back in 2009 as a result of the global financial crisis. As of 2013 the company employs roughly 93'900 people in South Korea.

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