SK hynix Labor and Management Reach Agreement to Pay Performance Bonuses '50% in Cash, 50% in Stock'

It has been reported that SK hynix labor and management have reached an agreement to pay performance bonuses in a 50% cash and 50% stock ratio.

According to the industry on September 10, SK hynix labor and management finalized a revised agreement on this day to pay performance bonuses at a 5:5 ratio of cash to company stock. Compared to the previous tentative agreement, the cash portion has increased and the proportion of company stock has decreased.

Previously, the labor and management teams had prepared a tentative agreement that included a 6.3% wage increase and distributing 40% of the excess profit-sharing (PS) in cash and 60% in company stock. However, this proposal was narrowly rejected by a margin of 25 votes in a union vote held on August 25.

After the tentative agreement was voted down, labor and management re-entered negotiations. On this day, the SK hynix union explained the revised tentative agreement at an emergency temporary delegate meeting and is expected to hold a general membership vote on September 15 and 16. Both parties are reported to be aiming for a resolution before Chuseok.

Regarding this, Nokjeong Kwak, CEO of SK hynix, stated at a town hall meeting on September 2 that, regarding the payment of performance bonuses, "Last year, we were able to reach broad agreement and will continue to consider the details together with our members. We will do our best so that the company and its members can grow together with pride."

Yonhap News

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