SK hynix unions reject wage deal over stock-based bonuses
Production workers’ unions at SK hynix on Tuesday voted down a tentative agreement reached between their delegates and management, sending the issue of how much of their hefty performance bonuses should be paid in treasury shares back to the negotiating table. According to industry officials, the tentative agreement was rejected after 50.08 percent, or 7,535 members, of the two unions voted…
Production workers' unions at SK hynix have rejected a tentative wage agreement, with 50.08 percent or 7,535 members voting against it. The unions represent employees at the Icheon and Cheongju plants in Gyeonggi and North Chungcheong Provinces, respectively. The vote had an approval rate of 49.92 percent or 7,510 votes, resulting in a narrow 25-vote margin.
Approximately 94 percent of the 16,083 union members participated in the election. SK hynix's management and labor agreed to a 6.3 percent wage increase and performance bonuses, but the unions want a larger portion of the bonuses to be paid in treasury shares. On Tuesday, a third union representing office workers was set to vote on the agreement, but the tentative deal is expected to be abandoned regardless of the outcome, with labor and management resuming negotiations.
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- SK hynix unions reject wage deal over stock-based bonuses koreatimes.co.kr
