SK Hynix union narrowly rejects 6.3% wage and bonus deal
Business
SK Hynix's unionized workers have narrowly voted against a new wage and bonus deal, mainly because of worries about how bonuses would be paid.
The proposal offered a 6.3% salary bump, but also shifted most bonuses (60%) into company shares instead of cash, which didn't sit well with many employees.
SK Hynix shares drop nearly 5%
Workers were uneasy about getting more stock instead of cash, especially since SK Hynix's share price has been sliding since its peak in June.
This vote reflects wider tensions over pay in South Korea's chip industry; for example, Samsung recently avoided a strike by making its own changes to performance-based bonuses.
After the news broke, SK Hynix shares dropped nearly 5%, underperforming the market.