The performance bonus reform plan prepared through a tentative agreement between SK Hynix labor and management was derailed due to opposition from production workers' union members. The core of this year's tentative CBA is a shift from the unprecedented practice of paying 100% of performance bonuses in cash to allowing some portion to be paid in company stock.
Previously, after six rounds of negotiations, labor and management reached a tentative agreement on the 20th to pay 40% of the excess profit distribution (PS) in cash and the remaining 60% in company stock. Of the stock portion, 40% can be sold starting the day after receipt, while 20% will be deferred and paid at 10% annually over two years. For the 2026 PS to be paid early next year only, employees may also choose to receive 40% of the stock portion in cash instead.
Regarding this, SK Hynix's labor union announced on the 25th that the tentative agreement was rejected by production workers' union members in a yes-or-no vote, with 49.9% voting in favor and 50.1% against. The vote tally was 7,510 votes in favor versus 7,535 against—a margin of just 25 votes.
Labor and management now plan to resume negotiations and hold another union member vote. However, given how closely divided the vote was, prospects for a successful renegotiation are not entirely bleak. Both sides are well aware that failing to reach a smooth agreement could expose them to intense public criticism, so industry insiders expect them to quickly draft a revised proposal and push for its approval.
An industry source stated, "Considering SK Hynix's pivotal role in our economy, both labor and management have little choice but to prioritize a swift resolution over confrontation." The source added, "The fact that the yes and no votes were nearly equal in the union ballot increases the likelihood of reaching a negotiated settlement."
Meanwhile, after prolonged negotiations, Hyundai Motor labor and management dramatically reached a tentative agreement on this year's wage talks today. At the 16th negotiation session held at the Ulsan plant, representatives from both sides, including Choi Yeong-il (CEO) and Lee Jong-cheol, union branch president, convened for a traditional meeting and secured a tentative agreement after 111 days of deliberation. Key terms include a 100,000 won increase in base pay (including seniority raises), a management performance bonus of 400% plus 12.7 million won, 15 shares of company stock, and 500,000 won in Hashi Points (welfare points).
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