SEOUL - Samsung Electronics and its labor union in South Korea have reached an agreement for a 5.1 percent wage increase, the company and the union said in separate statements on Monday.

Members of the National Samsung Electronics Union (NSEU), whose roughly 36,000 members make up about 30 percent of the company's South Korean workforce, will vote on the preliminary deal from February 28 to March 5, the two sides said.

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The deal includes 30 shares in the company and other perks such as vouchers to purchase company products, they said.

The union carried out strikes last year, but the company said at the time they did not lead to any production disruptions.

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The lingering labor dispute has been a distraction for the world's biggest memory chipmaker, which is struggling to navigate competition in semiconductors used for artificial intelligence (AI) applications.