SK Hynix and its labor union have reached a tentative agreement on modifications to this year's wage and collective bargaining agreement. The key change is an increase in the cash payment ratio, enhancing the choice for members.
On September 9, SK Hynix and the union agreed to adjust the basic payment ratio for performance bonuses from the previous '40% cash and 60% stock' to '50% cash and 50% stock.' Members can now choose their stock allocation from a minimum of 50% to a maximum of 100%, in 10% increments, broadening their options.
The agreement also aims to reduce confusion regarding the payment method for performance bonuses. Payments that were deferred from last year's performance-based bonuses to next year and the year after will be advanced to minimize uncertainty during the transition.
Additionally, the welfare system has been improved. Support for housing loans will now extend from 'married households' to include 'single-parent families,' strengthening support for work-life balance among members.
The SK Hynix union plans to conduct a vote on the agreement from September 15 to 16, following a temporary delegate meeting on September 10.
Previously, the two sides had reached a tentative agreement last month for a 6.3% wage increase, with 40% of the excess profit distribution (PS) to be paid in cash and 60% in company stock. However, this agreement was rejected by a narrow margin of just 25 votes in a member vote on August 25.
* This article has been translated by AI.
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