SK Hynix Reaches Agreement with Union, Profit-Sharing Bonuses to Be Split Equally Between Cash and Stock

September 16: SK Hynix and its labor union have reached a new wage and collective bargaining agreement, increasing the cash portion of profit-sharing bonuses to 50%, with the remaining 50% paid in company stock. About 57% of union members voted in favor of the new agreement, after the company's previous proposal of a 40:60 cash-to-stock ratio was rejected by the union.

The agreement ends about two weeks of renegotiations. SK Hynix last year agreed to abolish the cap on profit-sharing bonuses and to allocate 10% of annual operating profit to employee bonuses for 10 consecutive years. (Jinshi)