New Delhi, May 21 -- Samsung Electronics' labor union said Wednesday it'll hold off on launching a planned strike and put a tentative wage deal with management to a vote, alleviating immediate concerns about the operation of the world's largest memory chip maker.

The announcement was made after a last-minute government-mediated negotiation with management over how much bonus payouts must be provided to employees to reflect soaring profits fueled by the global boom in artificial intelligence.

Union leader Choi Seung-ho told a televised briefing that the union agreed not to go ahead with an 18-day strike that he earlier said would start from Thursday. He said union members will vote on the tentative agreement from May 22-27.

"We would li...