SK Inno Reaches Wage Negotiation Agreement Linked to Consumer Prices

35 Billion Won Win-Win Fund Delivered to Partner Companies

At the SK Innovation wage negotiation signing ceremony held on the 24th, Vice Chairman Kim Jun (right) and Union Chairman Lee Seong-hoon are taking a commemorative photo.

[Asia Economy Reporter Choi Dae-yeol] SK Innovation's labor and management held a wage negotiation signing ceremony in Ulsan on the 24th.

Since 2017, the company's labor and management have agreed to link the wage increase rate to the previous year's Consumer Price Index, reaching a tentative agreement simultaneously with the initial meeting, resulting in an early settlement. This year, the negotiations were completed within a week of starting. Labor Union Chairman Lee Seong-hoon said, "Labor and management will uphold the principles they set themselves and further develop an advanced labor-management culture." Vice Chairman Kim Jun said, "Just as labor and management have created the best labor-management culture recognized by all, let's build a strong and good company that members can take pride in together."

Meanwhile, the company's labor and management delivered a mutual growth fund of 3.57 billion KRW to 5,292 employees of 71 partner companies. This fund was created from half of the 2.86 billion KRW portion of the 1% Happiness Sharing Fund, which was contributed by employees donating 1% of their base salary and matched by the company, as well as contributions from the government and partner companies' joint labor welfare fund.

Since 2018, a total of 12.6 billion KRW has been distributed to about 28,000 partner company employees. Moon Sung-hyun, Chairman of the Economic, Social and Labor Council, who attended the delivery ceremony, said, "SK Innovation's labor and management and partner companies have worked together to maintain a challenging five-year period of mutual growth, including the COVID-19 pandemic, and I believe such times will continue in the future."