SK Hynix reaches new wage agreement with union, 50% of profit bonus to be paid in shares

SK Hynix has reached a new wage and collective bargaining agreement with its union, raising the cash portion of profit-sharing bonuses to 50%, with the remaining 50% paid in company stock. Approximately 57% of union members voted in favor of the new agreement, after the union had previously rejected the company’s 40:60 cash-to-stock proposal. This agreement ends about two weeks of renewed negotiations. Last year, SK Hynix agreed to remove the cap on profit-sharing bonuses and, for ten consecutive years, has allocated 10% of its annual operating profit to employee bonuses.