South Korea's SK Hynix union approves tentative wage deal with management, source says

SEOUL: Chipmaker SK Hynix’s South Korean union has approved a tentative wage agreement with management, a source familiar with the matter said on Wednesday, ending weeks of uncertainty after workers narrowly rejected an earlier deal. The revised agreement won the backing of 57.1% of voting union members, with 8,731 votes in favour, the source said. The vote covered members of the company’s production workers’ union at its Icheon and Cheongju sites. The approval comes after workers rejected an initial tentative agreement reached on August 20, forcing management and labour representatives back to the bargaining table. Under the revised deal, the share of profit-sharing bonuses paid in cash will rise to 50% from 40%, while the portion paid in company shares will be reduced to 50% from 60%, the source said. The agreement is expected to formally conclude this year’s wage and collective bargaining negotiations at the world’s second-largest memory chipmaker. Samsung, SK Hynix reject KEPCO’s $19 billion power prepayment proposal, document shows The original tentative agreement reached in August called for a 6.3% wage increase and a major overhaul of the company’s profit-sharing payout stru