SK Inno Labor and Management Agree on 2.3% Wage Increase: "Adhering to Inflation-Linked Principle"

2025 Wage Negotiation Signing Ceremony Held on the 24th
Labor and Management Uphold 'Consumer Price Index Linkage' Principle for Ninth Consecutive Year

The labor and management of SK Innovation have finalized and agreed on an average wage increase rate of 2.3% for this year. They reached an agreement while maintaining the principle of linking the increase rate to the previous year's consumer price index for the ninth consecutive year.

On the 24th, SK Innovation labor and management held the '2025 Wage Negotiation Signing Ceremony' at the SK Seorin Building in Jongno-gu, Seoul. Attendees included Park Sang-gyu, President of SK Innovation; Kim Jong-hwa, President of SK Energy; Jang Ho-jun, President of SK On Trading International; Park Yul-hee, Chairman of the SK Innovation Labor Union; and representatives from both labor and management.

On the 24th, at the SK Seorin Building in Jongno-gu, Seoul, Park Sang-gyu, President of SK Innovation (right), and Park Yul-hee, Chairman of the Labor Union, signed the labor-management agreement at the '2025 Wage Negotiation Signing Ceremony' and posed for a commemorative photo. (Photo by SK Innovation)

SK Innovation labor and management confirmed this year's wage increase rate at 2.3%, in accordance with the originally agreed wage increase principle. Since 2017, the labor and management have agreed to determine the wage increase rate linked to the previous year's consumer price index. The Statistics Korea announced last year's inflation rate as 2.3%.

Although the business environment outlook for this year is not optimistic due to increasing geopolitical volatility, SK Innovation labor and management adhered to the wage increase principle, and it is reported that the approval rate among members for the labor-management agreement was also high. The consumer price index-linked wage increase model implemented by SK Innovation is praised for establishing an advanced labor-management culture by minimizing exhausting disputes between labor and management.

SK Innovation labor and management agreed to strengthen the company's fundamental competitiveness and jointly create the 'One Innovation' unity of SK Innovation affiliates and the 'SUPEX 2030' vision. They shared the view that to overcome current difficulties and enhance the company's corporate value, all subsidiaries of SK Innovation, company-in-company (CIC), management, and members must trust in their collective strength and actively collaborate.

Park Yul-hee, Chairman of the SK Innovation Labor Union, said, "The conclusion of this wage negotiation has become an important stepping stone to further solidify trust between labor and management," and added, "Let us work harder to create an environment where members can safely focus on their work."

Park Sang-gyu, President of SK Innovation, expressed, "I thank the labor union and negotiation committee members who trusted the company and made meaningful decisions in a short time for the company's survival and sustainable growth," and said, "Let us further develop an advanced labor-management culture based on trust and mutual respect and work together to enhance the company's competitiveness."