South Korea's SK Hynix union approves tentative wage deal with management
Seoul, September 16 - The South Korean union representing workers at SK Hynix has approved a new wage agreement with the company, ending weeks of uncertainty, according to a statement from the chipmaker. The revised deal, which covered 57.1% of union members, was narrowly accepted after a previous offer was rejected. SK Hynix praised the union and employees for their cooperation throughout the process.
The agreement expands employee choice on how performance bonuses are paid, increasing the cash portion from 40% to 50% and reducing the stock portion from 60% to 50%. Employees can also convert the cash portion into shares in increments of 10 percentage points. The agreement formalizes a wage-deferral mechanism for losses, reflecting a commitment to share responsibility during challenging times.
SK Hynix reported a record second-quarter operating profit of 60.54 trillion won ($44.19 billion) due to strong demand for AI-related memory chips.
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