SK Hynix to give 10% of operating income as employee bonuses
Company also offers stock ownership scheme
SK Hynix has agreed with its labor union to give 10% of its operating income as bonuses to employees going forward.
The company also agreed to allow employees to decide on their stock ownership scheme, the company said on Tuesday.
Previously, SK Hynix have given bonuses based on what it calls economic value addition. Employees have complained that the method was not transparent.
The South Korean memory chip manufacturer will share the expected bonus early in the year and quarterly every year so that employees are aware how much they will receive as bonuses.
On the stock ownership scheme, employees can choose between receiving 200% of their base pay as stocks or buy stocks at a 30% discount. SK Hynix will loan money for employees buying company stock.
The company will explain the stock ownership plan to employees in full in March. The motion will go through the approval of the board in April.