SK Hynix Confirms 8% Wage Increase This Year... Passes Union Vote

[Image source=Yonhap News]

[Asia Economy Reporter Jeong Hyunjin] The SK Hynix labor union finalized the acceptance of the tentative labor-management agreement on wage negotiations for this year on the 11th, confirming an average 8% wage increase.

According to the industry, the SK Hynix Korean Confederation of Trade Unions-affiliated full-time production worker unions at the Icheon and Cheongju plants held a delegates' meeting on the morning of the same day and voted to approve the recently tentatively agreed wage increase plan with management.

SK Hynix labor and management agreed to raise the base salary by an average of 8.07% this year, and the starting salary for new university graduates will increase from the existing 40 million KRW range to 50.4 million KRW. Additionally, the company will pay a special incentive of 2.5 million KRW to all employees on the 15th of this month as a special bonus for reaching the wage negotiation agreement.

This year, the annual salary for new SK Hynix employees is estimated to exceed 80 million KRW when including base salary, performance bonuses, and productivity incentives for the first and second halves of the year.

The labor and management agreed that regarding the profit-sharing bonus (PS) capped at 1000% of the base salary, if operating profits exceeding the PS payment limit occur, discussions will be held in January next year.

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