Apple Supply Chain Hit At Critical Time By Workers Demanding Their 'Blood And Sweat Money' Back
Apple Inc.'s (NASDAQ: AAPL) Asian supply chain has been shaken by protests in China and India against unpaid wages and bonuses, the Financial Times reported on Sunday.
What happened: On Friday and Saturday, according to FT, more than 100 employees protested on the assembly line of the iPhone manufacturer in China against unpaid bonuses.
The demonstration against Taiwanese Pegatron Corporation centered on unpaid bonuses of RMB 10,000 (US $ 1,530) each, according to China Labor Watch.
Workers uttered the slogan "Give us our blood back and sweat our money," according to a video from FT.
Last week, Apple workers in India destroyed a factory owned by Taiwanese Wistron Corporation, claiming it had been brutally "exploited".
Why It Matters: Apple's Asian employees are demonstrating at a time when the Cupertino, California-based tech giant is trying to increase iPhone production by 30%.
The tech giant has asked its suppliers to make between 95 and 96 million iPhones, including the latest iPhone 12 models, according to Nikkei Asia.
After investigating the incidents in India, Apple said over the weekend that "new business" with Wistron would be halted until "corrective action" was taken.
The Tim Cook-led company had Pegatron suspended a month earlier after uncovering previous cases of labor law violations.
Price action: Apple stock closed nearly 1.6% at $ 126.66 on Friday and gained 0.52% in the after-hour session.
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