사진 확대
SK hynix and its labor union had drawn up a tentative agreement that included a 6.3% wage increase and an average performance bonus of 700 million won per employee before tax, to be paid in a mix of cash and stock. But the proposal ultimately failed to clear the union.
The plan allowed employees who received stock to sell a significant portion immediately, and up to 80% of the first-year payout could be taken in cash. Still, more than half of union members voted against it. Those opposing the deal said they wanted a larger share to be paid in cash.
According to industry sources on the 25th, the tentative 2026 wage and collective bargaining agreement at SK hynix, which closed at 9 a.m. that day, was rejected.
The key point of the tentative deal was to pay 40% of the profit share bonus in cash and 60% in treasury stock. Of the total PS paid immediately, 40% could be sold starting the day after receipt, while the remaining 20% could be paid and sold in installments of 10% after one year and two years.
In particular, the 2026 PS to be paid early next year could be converted into cash for 40% of the stock portion paid that year, allowing up to 80% of the total PS to be received in cash depending on the employee’s choice.
The plan also included safeguards to reduce the risk of a stock price decline. When determining the number of shares, it would apply the lowest closing price among the annual earnings announcement date, the PS cash payment date, and the stock payment date. If the stock value fell below the promised bonus amount after payment because of a share price drop, the shortfall would be covered in cash.
The stock compensation terms in SK hynix’s tentative agreement were seen as more favorable to employees than those at Samsung Electronics. Samsung Electronics’ special management performance bonus for its Device Solutions Division (DS Division) is paid entirely in treasury stock after tax, and only one-third can be sold immediately. The rest is subject to sales restrictions for one and two years, respectively. By contrast, SK hynix imposed no sales restrictions on the shares paid this year. SK hynix also offered a 6.3% wage increase, 0.1 percentage point higher than Samsung Electronics’ 6.2%.
The size of the bonus is also unusual. Securities firms expect operating profit this year to reach 25 trillion won. If 10% of that is used as the PS pool, the average bonus per employee would come to about 700 million won before tax. The actual payout will vary depending on rank and performance evaluation.
As the vote result overturned the tentative agreement, debate over the pros and cons of the deal is intensifying. One SK hynix employee said, “The terms are better than Samsung Electronics’, but there is no reason to compare SK hynix’s compensation package with other companies. A deal that only added drawbacks compared with the original proposal was never going to pass in the first round.” The employee added, “If we need to reach a reasonable compromise on PS, then welfare benefits should at least be raised to the highest level in the group. Even compared with SK Telecom, they are still far from sufficient.”
With the tentative agreement rejected, SK hynix and its labor union are expected to return to the bargaining table. As the existing deal was voted down, the cash portion of the payout is likely to increase further. At the same time, opinions remain sharply divided over the payment method and scale, raising the possibility that the renegotiation process could drag on.
[Park Minki]
This article has been translated by GripLabs Mingo AI.