SK hynix union approves revised wage deal

Unionized workers at SK hynix Inc. on Wednesday approved a revised wage agreement that was rejected three weeks ago. In an electronic ballot, 57.08 percent of union members voted in favor of the new agreement. The vote came about three weeks after the union narrowly rejected the initial tentative agreement reached on Aug. 25. Under the updated pact, the portion of the company's performance-based incentive, known as profit-sharing, to be paid in cash will increase to 50 percent from 40 percent, while the portion paid in company shares will decrease to 50 percent from 60 percent. In the previous agreement, SK hynix and its union had agreed to a 6.3 percent wage increase and a new payment structure for the company's performance-based incentive. Under the proposal, 40 percent of the incentive would be paid in cash and the remaining 60 percent in company shares.