LG Innotek to Pay Up to 240% Performance Bonus... Only 30% Compared to Previous Year

'CEO Live' Communicates Bonus Payment Criteria
Impact of Operating Profit Decline

LG Innotek will pay performance bonuses up to 240% of the base salary by business division.

According to the industry on the 29th, LG Innotek announced the details of the performance bonuses to employees through the in-house sharing session 'CEO Live' on the same day. The rates by business division are 240% for the Optical Solutions Division and the Electronic Components Division, 170% for the Substrate Materials Division, and 150% for the Automotive Components Division.

LG Innotek Gumi Plant Overview.
[Photo by LG Innotek]

This performance bonus has been significantly reduced to about one-third compared to a year ago. The division-specific payout rates at the beginning of last year were 705% for the Optical Solutions Division, 584% for the Substrate Materials Division, and 517% for the Automotive Components Division.

On the 25th, LG Innotek announced that its annual sales for last year reached 20.6053 trillion KRW, achieving record-high sales. However, the annual operating profit was recorded at 830.8 billion KRW, down 34.7% from the previous year.