Semiconductor-Driven Liquidity Could Reach as Much as 50 Trillion Won... Will It Flow Into Real Estate?

[Financial News] With estimates suggesting that bonuses and company loans for employees without homes at Samsung Electronics and SK hynix could exceed 50 trillion won by next year, attention is turning to whether liquidity will be released into the real estate market. Some also warn that company loans, which fall into a regulatory blind spot, could raise fairness concerns.
According to industry sources on the 21st, liquidity from bonuses at Samsung Electronics and SK hynix could reach as much as 23 trillion won by next year, while company loan liquidity could amount to about 30 trillion won.
Samsung Electronics agreed in this year's labor negotiations to pay 10.5% of annual operating profit as a special performance bonus for its semiconductor division. Based on the company's projected annual operating profit of 36 trillion won this year, the total bonus pool comes to 37.8 trillion won. After deducting 40% in income tax, the net cash payout would be 22.7 trillion won. If one-third of the bonus paid in company stock can be sold in the first year, as planned, up to 7.6 trillion won in liquidity could be injected.
Samsung Electronics also agreed in the negotiations to provide company loans of up to 500 million won at an annual interest rate of 1.5% to employees without homes. Among the company's 128,000 employees, applying the metropolitan area's average 45% share of households without homes suggests a maximum loan total of 29 trillion won. Combined with the bonuses, Samsung Electronics alone could supply as much as 36.6 trillion won in liquidity.
SK hynix pays bonuses equal to 10% of annual operating profit. Securities firms estimate the company's operating profit this year at 26 trillion won, which would make the bonus pool 26 trillion won. After income tax of 40%, the total net cash payout would be 15.6 trillion won.
SK hynix currently offers company loans of up to 100 million won for home purchases. Of its 34,000 employees, 15,300 would be eligible for such loans if the metropolitan area's average 45% share of households without homes is applied. The company does not allow double loans for married couples working at the firm. Assuming only 50% of eligible employees take the full 100 million won, about 765 billion won in liquidity could be supplied. In total, bonuses and company loans could create roughly 16 trillion won in funds waiting to enter the real estate market.
Some in the industry say company loans, which could reach around 30 trillion won, may distort the market because they fall outside the government's lending regulations. Since these loans are provided as an employee welfare benefit, they may be exempt from rules such as the Debt Service Ratio (DSR).
Meanwhile, the government is reportedly taking the position that intervention in internal welfare programs is not appropriate.
kjh0109@fnnews.com Kwon Jun-ho Reporter