SK hynix (SKHY.US) will once again hold a full union member vote on September 9, three weeks after the tentative wage and collective bargaining agreement was rejected.
The union is scheduled to convene an emergency representative assembly on the 10th to explain the revised tentative deal, with the full membership vote planned for September 15-16. Details of how the modified proposal differs from the original will be disclosed at the assembly on the 10th.
The initial tentative agreement, reached between labor and management last month, included a 6.3% base salary increase and performance bonuses through the excess profit distribution system (PS), allocated as 40% in cash and 60% in company shares. That proposal was voted down by a razor-thin margin of just 25 votes during the union ballot on the 25th of last month.
Following the rejection, both sides reopened negotiations, aiming to finalize the new terms before the Chuseok holiday period.
At a employee communication session on the 2nd, SK hynix CEO and President Kwak Noh-jung addressed the bonus payout issue, stating: "We already finalized the overarching framework agreement last year. Moving forward, we will work alongside employees to refine the details, striving to ensure both the company and all staff grow together with a sense of pride."
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