SK Hynix and its labor union reached a tentative wage and collective bargaining agreement after overnight negotiations. The agreement prevents potential labor strikes that could disrupt operations for the major memory chip manufacturer.
Negotiations had previously stalled. The company proposed paying a significant portion of employee performance bonuses in company stock, subject to a lock-up period. It also proposed potential wage adjustments during loss-making years. The union opposed the stock-based bonus plan, arguing it would unfairly expose workers to stock price volatility.
The specific terms of the compromise remain undisclosed. Union members will now vote on the preliminary deal for final approval.