SK hynix unions agree to receive half of bonuses in cash, half in shares
SK hynix’s production workers’ unions on Wednesday approved a revised tentative agreement reached between their representatives and management, under which employees will receive half of their performance bonuses in cash and the other half in company shares, closing this year’s wage and collective bargaining negotiations without a labor dispute. According to SK hynix, the two production workers’…
On Wednesday, SK hynix’s production workers’ unions approved a revised tentative agreement with management, determining that half of performance bonuses will be paid in cash and the other half in company shares. This decision brought an end to this year’s wage and collective bargaining negotiations without any labor disputes. The agreement was approved by 57.08 percent of the representatives, with 15,000 out of the 16,000 eligible members participating in the vote.
The unions that represent the workers are based at the company’s facilities in Icheon, Gyeonggi Province, and Cheongju, North Chungcheong Province. The key aspect of the approved agreement is the equal division of performance bonuses, with the excess profit-sharing being split between cash and treasury shares. This revised version of the tentative agreement differed from the earlier proposal, which called for 60 percent of the bonuses to be paid in treasury shares and the remaining 40 percent in cash, which had been rejected by the unions three weeks earlier.
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