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Subject: Samsung Workers Return
Keywords: General financial/business news
Organization: Copyright 1999 by The Associated Press (via ClariNet)
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Date: Mon, 15 Feb 1999 6:52:55 PST
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	SEOUL, South Korea (AP) -- Thousands of employees at Samsung  
Motors Inc. will return to work later this week, ending a 70-day 
long strike over job security, company and union officials said 
Monday. 
	The decision came after about 88 percent of 3,800 assembly line  
workers voted in favor of accepting an agreement between management 
and the labor union on job security and other issues late Sunday. 
	They will return to work Friday after the lunar New Year's  
holiday. 
	The agreement calls for a job guarantee for the next several  
years for those who stay with the carmaker after a merger with 
Daewoo Motors Co., but details are yet to be worked out. 
	They also agreed to an extra 16 months' salary for those who  
take early retirement and an extra eight months' salary for those 
who stay as a compensation for property loss and psychological 
damage. 
	Workers said many of them had bought Samsung passenger cars to  
save the money-losing company, and prices for their apartments near 
Samsung assembly lines in the southern city of Pusan dropped 
sharply since the merger agreement was announced on Dec. 7. 
	Under the government-mediated deal, Samsung Motors, South  
Korea's newest and smallest carmaker, agreed to be taken over by 
Daewoo Motors Co., the nation's No. 2 car manufacturer. 
	In return, Samsung Electronics Corp., the nation's largest home  
appliance maker, will take over Daewoo Electronics Co. 
	When the announcement was made, Samsung Motors workers walked  
off their jobs immediately, demanding job security. They feared the 
merger would result in mass layoffs. 
	A restructuring of South Korea's ailing conglomerates, or  
chaebol, was a key condition of a $58 billion bailout of the 
country's economy by the International Monetary Fund last year. 
-=-=-	 
                           AP NEWS
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             Copyright 1998 by The Associated Press
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