SEOUL — Samsung Electronics' largest labor union agreed to postpone a planned general strike after reaching a tentative wage deal with management late Wednesday, averting action by more than 47,000 workers scheduled for Thursday.

The eleventh-hour agreement came about one hour before the planned walkout. Union and company negotiators settled on wages and collective bargaining terms following multiple rounds of talks.

Under the tentative deal, labor and management agreed to allocate 12 percent of profits from Samsung Electronics' semiconductor business for bonuses over the next 10 years.

Specifically, 10.5 percent of an agreed-upon performance figure will go toward special bonuses for the device solutions unit with no cap on the payout rate. An additional 1.5 percent will fund the existing overall performance incentive.

Device solutions bonuses will be paid from this year through 2028 provided the company generates 200 trillion won in annual operating profit. From 2029 to 2035, the threshold is 100 trillion won.

On bonuses for loss-making business units, the parties agreed to a lower percentage of the common payout rate. Management granted a one-year grace period before applying the provision.

Choi Seung-ho, leader of the Samsung Electronics Industry Union, the chipmaker's largest union, confirmed the details. The union will put the tentative agreement to a member vote starting Friday. Voting continues for six........

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