SK hynix unions agree to receive half of bonuses in cash, half in shares

SK hynix’s production workers’ unions on Wednesday approved a revised tentative agreement reached between their representatives and management, under which employees will receive half of their performance bonuses in cash and the other half in company shares, concluding this year’s wage and collective bargaining negotiations without a labor dispute. According to SK hynix, the two production workers’ unions at the company approved the tentative agreement with 57.08 percent of approval rate. More than 15,000 of the unions’ 16,000 eligible members took part in the vote. The two unions respectively represent production workers at the company’s Icheon plant in Gyeonggi Province and Cheongju plant in North Chungcheong Province. A key feature of the agreement is that half of the performance bonuses, known as excess profit-sharing, will be paid in cash, while the other half will be paid in the form of treasury shares. The revised agreement replaces an earlier tentative deal that called for 60 percent of the bonuses to be paid in treasury shares and the remainder in cash, but was reje