SK hynix unions reject wage deal over stock-based bonuses

Production workers’ unions at SK hynix on Tuesday voted down a tentative agreement reached between their delegates and management, sending the issue of how much of their hefty performance bonuses should be paid in treasury shares back to the negotiating table. According to industry officials, the tentative agreement was rejected after 50.08 percent, or 7,535 members, of the two unions voted against it. The unions each represent production workers at Icheon plant in Gyeonggi Province and Cheongju plant in North Chungcheong Province. The approval rate stood at 49.92 percent, or 7,510 votes, leaving a margin of just 25 votes. About 94 percent of the unions’ combined 16,083 members participated in the vote. The company’s third union, which represents office workers, was scheduled to complete its own vote on the agreement on Tuesday afternoon, but regardless of the outcome, the tentative deal is expected to be scrapped, with labor and management returning to negotiations. The tentative agreement was reached last Thursday, calling for a 6.3 percent wage increase. For performance bonuses,