"60% of Bonus in Stock" SK hynix Provisional Wage Agreement Rejected... 25 More Votes Against
Turnout Rate Reaches 93.8%, Agreement Rejected by 25 Votes
Tentative Deal Finalized After Six Rounds of Negotiations
Technical and Office Workers' Union Vote in Afternoon; Renegotiations Expected
The provisional wage and collective bargaining agreement between SK hynix management and labor union, centered on awarding 60 percent of bonuses in company stock, was rejected with 50.08 percent voting against it in the production workers' union vote.
The SK hynix production workers' union announced that in the electronic vote on the provisional agreement, which closed at 9 a.m. on August 25, 49.92 percent (7,510 votes) were in favor and 50.08 percent (7,535 votes) were against, resulting in its rejection. The voter turnout was 93.81 percent, with 15,045 out of a total of 16,083 union members participating. While more than half of eligible members cast votes, the majority of voters opposed the agreement, leading to its rejection. The difference between votes in favor and against was only 25. The voting took place from 6 a.m. on August 24 to 9 a.m. on August 25.
The vote on the provisional agreement for the technical and office workers' union will continue until later in the day. If the agreement is ultimately rejected, management and labor are expected to re-enter negotiations. There is a high possibility that detailed issues will be adjusted again, focusing on contentious points such as the method of bonus payment. The SK hynix union also entered renegotiations with management when provisional wage agreements were rejected in both 2023 and 2024.
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On August 20, following six rounds of negotiations, SK hynix labor and management prepared a provisional agreement that called for a 6.3 percent wage increase and payment of 40 percent of the performance-based bonus (PS) in cash, with the remaining 60 percent in company stock. Of the stock awarded, 40 percent could be sold beginning the day after receipt, while the remaining 20 percent would be distributed in installments of 10 percent per year over two years. However, for the 2026 PS payment scheduled for early next year, employees may opt to receive 40 percent of the stock portion as cash.
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