SK Hynix's revised wage and collective bargaining agreement has been approved by union members, just three weeks after the initial tentative agreement was narrowly rejected.
On September 16, industry sources reported that the SK Hynix production workers' union in Icheon and Cheongju conducted a two-day vote from September 15, resulting in 8,731 votes in favor of the amendment, or 57.08% of the total.
The first tentative agreement was voted down on August 25, receiving 7,510 votes in favor (49.92%) and 7,535 votes against (50.08%), a margin of just 25 votes. Following this, the company and union engaged in further negotiations to refine the bonus payment structure.
Key aspects of the amendment include adjustments to the stock option ratio for the profit-sharing bonus (PS) and an expansion of employee choices. The previous agreement allocated 40% cash and 60% stock, which has now been adjusted to a 50-50 split. Additionally, employees can now choose to receive their entire PS in stock, with options available in 10% increments for the cash portion.
The amendment also formalizes the deferral of a portion of wages in the event of a loss. The company explained that this reflects a commitment to share the burden during downturns, not just during profitable times.
During the re-vote process, over 60 informational sessions were held to explain the rationale and benefits of the changes. The company believes that the increased understanding among members and the collaborative approach taken after the initial rejection contributed to the successful vote.
SK Hynix expressed gratitude to the labor union and its members for their cooperation during this challenging process, stating, "We will continue to face future challenges together as a company and workforce."
The company and union plan to hold a signing ceremony for the final agreement before the Chuseok holiday, officially concluding this year's labor negotiations.
* This article has been translated by AI.
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