More than half of SK Hynix's (KRX:000660) 16,083-member labor union voted to reject a possible wage deal with management on Tuesday, which had been reached after two months of negotiations, Yonhap News reported the same day, citing industry sources.
About 7,535 members out of the total participating body of 15,045 rejected the deal. The voter turnout was 93.8%. SK Hynix's management and the labor union are expected to resume negotiations, with discussions possibly centering on the performance-based incentive payment scheme, the report said.
The parties reached a tentative agreement last week on a 6.3% wage raise and a new performance-based incentive structure. Under the proposal, 40% of the incentive will be paid in cash and 60% in company shares. Of the stock portion, 40% could be sold in the year of receipt, while the remaining 20% would be deferred and paid in 10% installments over a two-year period, it said.
SK Hynix did not immediately respond to' request for comment.
Shares of the company fell nearly 5% in recent trade.
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