SK hynix (000660.KS) has wrapped up this year's wage and collective bargaining talks after union members approved a revised tentative agreement, about three weeks after rejecting the original deal.
The union held a full membership vote from the 15th through the 16th, and the revised tentative agreement passed, industry sources said on the 16th.
The key change involves how profit-sharing bonuses are paid, the issue that had emerged as the biggest sticking point. The cash portion was raised to 50% from 40% in the earlier deal, while the share-based portion was cut to 50% from 60%.
The first tentative agreement had passed among the union's engineering and office members but was narrowly voted down by its production-line members.
Labor and management then returned to the negotiating table for about three weeks and drew up a revised agreement that adjusted the payment ratios and other terms.
With the revised deal approved, SK hynix and its union have finalized this year's wage and collective bargaining talks without going through any separate industrial action procedures.
