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[Alpha Biz=(Chicago) Reporter Kim Jisun] SK Hynix decided to pay early in December for this year's wage increase, which was scheduled to be paid at the beginning of the year.
"Although the wage increase is paid when it turns into a surplus, we will pay the annual salary increase in December with the meaning of overcoming the downturn (downswing phase)," CEO Kwak No-jung told executives and employees at SK Hynix's headquarters in Icheon, Gyeonggi Province, according to SK Hynix on the 30th.
SK Hynix and its union earlier set the annual salary increase rate at a total of 4.5% through wage negotiations this year, but agreed to retroactively apply the increase in the event of a quarterly operating profit surplus. The industry expects SK Hynix to turn into a surplus in the first quarter of next year and expects that small payments will be applied later.
SK Hynix's decision to advance the retroactive salary is interpreted that the DRAM sector succeeded in making a surplus in the third quarter and to encourage employees who tried to overcome the downturn despite worsening business conditions.
SK Hynix's recent performance has been improving at a rapid pace.
Although it recorded an operating loss of 1.792 trillion won in the third quarter, the deficit has been greatly reduced compared to the operating loss of 2.8821 trillion won in the second quarter. It is predicted that its earnings will continue to improve in the fourth quarter of this year compared to the previous quarter, and that it will be able to turn into a surplus in the first quarter of next year.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
