SK hynix Labor Union May Reach Wage Deal Before Chuseok... Revote Set for Next Week

[Financial News] The SK hynix labor union will hold a revote on this year’s tentative wage and collective agreement three weeks after members rejected the initial proposal.
According to industry sources on the 9th, the SK hynix labor union is expected to hold a revote on the tentative agreement on the 15th and 16th. This has prompted speculation that the agreement could be reached as early as before this year’s Chuseok holiday. 
Before the revote, the union is expected to hold a temporary delegates’ meeting to explain revisions to the tentative agreement. Earlier, SK hynix reached a tentative agreement to pay 40% of its profit-sharing (PS) in cash and 60% in treasury shares. Accordingly, the union held a vote on the tentative wage and collective agreement on the 25th of last month, but the proposal was rejected.
The technical and office workers’ union approved the agreement with 66% support, but the production workers’ union rejected it by a margin of just 25 votes, with 7,535 against and 7,510 in favor.
At its first communication event for employees after the tentative wage and collective agreement was rejected, SK hynix said, "The company will protect our employees and ensure they face no disadvantages so that their achievements and compensation can be recognized with pride by society." On the same day, Noh-Jung Kwak, president of SK hynix, said, "We reached an agreement on the broad framework last year, and we will work through the details together with our employees." Kwak added, "This is a process of creating a better future together and building a sustainable company," and continued, "We will work to ensure that the company and its employees can grow together with pride."

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