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The union is expected to conduct a company-wide vote on the revised proposal from 15 to 16 September.
SK hynix and its labour union have reached a revised tentative agreement that increases the cash portion of performance bonuses following the rejection of an earlier proposal by employees, as reported by multiple Korean media outlets including SBS News, Korea JoongAng Daily, and ChosunBiz.
Under the revised tentative agreement, the payout ratio for performance bonuses will be adjusted from 40% cash and 60% company stock to an even split of 50% cash and 50% stock.
The change comes after production-worker union members voted down the previous deal by a margin of just 25 votes in late August, amidst concerns that stock-based bonuses could fluctuate in value with share price movements and that a greater proportion of future compensation could be paid in shares.
Under the revised arrangement, employees will also be given more flexibility in how they receive their bonuses. Workers who wish to receive a higher proportion in shares will be able to increase the stock allocation in 10% increments, up to a maximum of 100%.
To ease concerns related to the transition, SK hynix has also agreed to bring forward deferred bonus payments linked to last year's performance. The deferred portion, which was originally scheduled to be paid over the next two years, will now be distributed earlier.
The revised agreement also expands eligibility for the company's enhanced housing loan support system, with single-parent households now qualifying for additional support previously reserved for married employees.
The union is expected to conduct a company-wide vote on the revised proposal from 15 to 16 September.
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Image / SK hynix's website
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