SK Hynix System IC Implements Voluntary Retirement Program
SK Hynix's foundry (semiconductor contract manufacturing) subsidiary, SK Hynix System IC, is undertaking restructuring due to delays in industry recovery.
According to industry sources on the 29th, SK Hynix System IC recently accepted voluntary retirement applications from its Korean workforce. The conditions include one year's basic salary, a consolation payment of 25 million KRW, and tuition support for children.
Based in China, SK Hynix System IC focuses on the 8-inch foundry business. It mainly produces legacy (general-purpose) products such as power management integrated circuits (PMIC) and display driver chips.
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This restructuring by SK Hynix System IC appears to be a result of deteriorating business conditions caused by aggressive low-price competition from Chinese companies and prolonged market slowdown.
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