Samsung Electronics unions to go on strike Thursday as talks collapse again

South Korean memory chip maker Samsung Electronics is facing its worst-ever strike, with nearly 48,000 workers threatening to walk off production lines on Thursday for 18 days over a dispute about bonus payouts.

The two parties are racing against the clock to finalise a deal on bonus payments before nearly 48,000 workers are set to walk out for 18 days starting on Thursday.

South Korea's prime minister threatened over the weekend to step in through emergency arbitration to resolve the crisis.

A strike involving more than 47,000 Samsung workers will begin on Thursday after wage negotiations between the company and its union broke down on Wednesday, sending shares of the South Korean chip giant down 3%.