Chairman Chey Tae-won, SK Hynix Salary of 3 Billion Won Last Year... "Currently Returning Salary"

SK Group Chairman Chey Tae-won is delivering a greeting at the SK Hynix M16 Fab completion ceremony last month. [Photo by SK Hynix]

[Asia Economy Reporter Kim Heung-soon] SK Group Chairman Chey Tae-won received 3 billion KRW in compensation from SK Hynix last year, and since last month, he has been foregoing his salary as promised for the benefit of the company’s employees.

According to SK Hynix’s 2020 business report disclosed on the 22nd, Chairman Chey received a total of 3 billion KRW from SK Hynix last year, including 2.5 billion KRW in salary and 500 million KRW in bonuses. Earlier, on the 1st of last month, he publicly declared that he would return his salary for the employees.

Initially, he considered returning last year’s compensation, but due to procedural complexities, he chose not to receive future salaries instead. SK Hynix stated, "(Chairman Chey) is fulfilling his promise to return his salary to the employees," adding, "The funds raised will be used to enhance communication culture and improve employee welfare through labor-management consultations."

The highest-paid individual at SK Hynix last year was former Vice President Cha Jin-seok. He received a total of 3.136 billion KRW, including 529 million KRW in salary, 494 million KRW in bonuses, 2.111 billion KRW in retirement income, and 2 million KRW in other labor income. Former Vice President Hong Sung-joo received a total of 2.973 billion KRW last year, including 1.838 billion KRW in retirement income.

Additionally, Vice Chairman Park Sung-wook received a total of 2.599 billion KRW, comprising 1.2 billion KRW in salary, 1.394 billion KRW in bonuses, and 5 million KRW in other labor income, while President Lee Seok-hee received a total of 2.427 billion KRW, including 1.2 billion KRW in salary, 1.223 billion KRW in bonuses, and 4 million KRW in other labor income.

This content was produced with the assistance of AI translation services.