450 Million KRW 'One Team Mind Encouragement Fund' Paid on 31st
Wage Increase Rate Maintained at 5.7%
The SK Hynix union representing all production workers and the management reached a final agreement on the wage collective bargaining (wage and collective agreement) after four months of negotiations.
On the 28th, SK Hynix labor and management announced that the tentative agreement for the 2024 renegotiation, reached on the 23rd, was approved by the union delegates' vote with 176 votes in favor out of 199 total votes (88.4%).
Accordingly, the "One Team Mind Encouragement Bonus" of 4.5 million KRW, promised to employees who contributed to the company's growth, will be paid to all production and technical office workers on the 31st. Earlier, the union finalized their wage and collective bargaining demands at the end of June and began negotiations with management. However, in the September delegate vote, the demands were rejected due to disagreements with management over the shift work system and detailed agenda items.
After seven rounds of main negotiations, a tentative agreement was prepared again on the 22nd, followed by a vote, and with its approval on this day, the wage negotiations were concluded.
The tentative agreement for renegotiation includes, besides the 4.5 million KRW bonus, support for spouse childbirth leave up to 25 days (divided into three times) regardless of the number of children born, and an extension of the long-term service leave from 7 days (one week) every 5 years to 10 days. The 5.7% wage increase for this year remains unchanged.
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