Renegotiation follows rejection by 25-vote margin

Welfare system also partially revised

Union to hold membership vote Tuesday and Wednesday

Attention on whether deal is reached before Chuseok

SK hynix (Yonhap)
SK hynix (Yonhap)

After SK hynix union members voted down a tentative agreement to pay 40 percent of bonuses in cash and 60 percent in company shares, labor and management adjusted the ratio to 50 percent cash and 50 percent shares.

According to industry sources Thursday, SK hynix's labor and management reached a revised tentative agreement Wednesday incorporating the changes.

Within the 50-50 cash-and-share split, employees will be able to choose to receive shares in 10-percentage-point increments, ranging from 50 percent up to a maximum of 100 percent, depending on individual preference.

The company will also make an early payment of bonus portions — calculated based on last year's earnings — that had been deferred to next year and the year after. This is intended to minimize confusion arising from the change in the bonus payment method.

The welfare system was also partially revised. Previously, eligibility for additional support beyond the basic housing loan assistance was limited to married households, but under the revised agreement, single-parent households will also be included.

The union held an emergency delegates' meeting Thursday and plans to hold a two-day membership vote on Tuesday and Wednesday. Attention is focused on whether a deal will be reached before Chuseok.

"We kept the broad framework of the original tentative agreement intact, but strengthened individual choice by adjusting the share payment ratio," an SK hynix official said.

Earlier, SK hynix's labor and management had reached a tentative agreement to pay 40 percent of the profit-sharing bonus (PS) in cash and 60 percent in company shares. However, union members rejected the deal by a margin of 25 votes, prompting renegotiations.


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