Samsung Execs to Work Six Days a Week Amidst Financial Challenges

Samsung, the South Korean tech giant, is rolling out a new companywide six-day workweek policy for its executives as part of emergency measures aimed at addressing ongoing business uncertainties.

The decision follows Samsung's disappointing financial performance last year and broader economic challenges such as increased borrowing costs, rising oil prices, and the rapid depreciation of the Korean currency.

According to a report by The Korea Economic Daily, an executive from Samsung Group stated, "Considering that the performance of our major units, including Samsung Electronics Co, fell short of expectations in 2023, we are introducing the six-day workweek for executives to inject a sense of crisis and make all-out efforts to overcome this crisis."

Samsung is currently facing intensified competition in the production of high-bandwidth memory chips crucial for artificial intelligence computing, as it competes with rival memory providers like SK Hynix.

After experiencing its worst financial year in over a decade, Samsung has indicated a potential turnaround, signalling its first profit in five quarters following a rebound in chip demand.

While executives from various divisions within Samsung have been voluntarily working six days a week since the beginning of the year, executives from other Samsung affiliates, including Samsung Electronics, Samsung SDI, and Samsung SDS, will now be required to adhere to the extended workweek policy.

However, employees below the executive level are not expected to follow suit.