SK海力士初步同意以股票支付60%奖金
SK海力士与其工会初步达成协议，将60%的绩效奖金以股票形式支付。双方还签署了集体谈判协议，概述了公司应对某些情况时的联合措施。
原文深度解读
SK海力士与其工会初步达成集体谈判协议，内容包括将60%的绩效奖金以股票形式支付、工资上涨6.3%、以及亏损时延迟支付部分工资等。该协议涉及员工福利、股东回报和公司治理，与电子元器件供应链中存储芯片制造商的人力成本和财务策略相关。关键时间点为2024年8月20日，涉及主体包括SK海力士、工会、三星电子、SK Square等。
- SK海力士与工会初步同意将60%的绩效奖金以股票支付，40%以现金支付，员工可选择100%股票。
- 协议包括6.3%的工资上涨，以及亏损时延迟支付最多3%工资的机制，待公司恢复盈利后一次性补发。
- 股票数量按三个日期中最低收盘价计算：初步年度业绩披露日、PS现金支付日和股票支付日。
- 三星电子与其工会于5月初步同意以库存股支付绩效奖金，资金来自营业利润的10%，并于上月通过投票最终确定。
- SK海力士于7月10日在纳斯达克上市ADR，发行1779万股新股，约占已发行股份的2.5%，稀释了现有股东和母公司的持股。
- 协议还包括社会贡献计划，员工自愿捐赠部分绩效奖金，公司按1:1配捐；以及提高食堂餐补和扩大家庭重大事件支持等福利措施。
供应链影响
- 股票支付可能减少现金流出，从而可能影响SK海力士的现金流状况，进而可能影响其资本支出计划，包括存储芯片产能投资。
- 工资延迟支付机制可能降低短期人力成本，但取决于公司是否出现亏损，可能影响员工士气和生产力，进而可能影响芯片生产稳定性。
- 股票支付可能支持股价，可能有助于公司未来融资，但取决于市场反应，可能影响其融资能力和供应链中的议价地位。
- ADR发行导致的稀释可能通过股票支付部分抵消，可能影响母公司SK Square的持股比例，进而可能影响公司治理和战略决策。
- 与三星电子的类似做法可能表明行业趋势，可能影响其他存储芯片制造商的薪酬结构，但取决于各公司具体情况。
系统解读，仅作为判断线索，不构成备货、出货、涨价或投资建议。
SK海力士与其工会已初步达成集体谈判协议，其中包括新的绩效奖金结构。（图片来源：SK海力士）
SK海力士与其工会初步同意将60%的绩效奖金以股票形式支付。他们还达成了一项集体谈判协议，概述了公司出现亏损时的联合应对措施。
SK海力士于8月20日在清州和利川为员工举行了说明会，解释其临时工资和集体谈判协议的关键条款。这些措施包括6.3%的工资上涨、绩效奖金支付结构的变更，以及劳资双方共同应对业务低迷的框架。
PS将40%以现金支付，60%以股票支付
公司的利润分享（PS）奖金将从目前的100%现金支付转变为40%现金和60%股票。选择这样做的员工可以获得高达100%的PS股票。这一变化被视为受到三星电子新绩效奖金制度的影响。三星电子与其工会于5月初步同意以库存股支付绩效奖金，资金来自营业利润的10%。该协议于上个月通过投票最终确定。
在作为PS授予的股票中，20%将延迟两年支付，每年支付10%。当年收到的股票可以在当年出售。对于延迟部分，员工可以在支付当年选择立即收到固定数量的股票，或者仅锁定延迟的货币金额并在以后收到股票。
授予的股票数量将使用三个日期中最低的收盘价计算：初步年度业绩披露日、PS现金支付日和股票支付日。该机制旨在减轻股价波动的影响。
然而，在实施的第一年，有正当理由的员工也将被允许选择现金，考虑到他们的财务规划需求。据报道，具体资格原因未包含在临时协议中。
亏损期间工资的3%将被延迟
SK海力士于7月10日在纳斯达克上市其ADR。（图片来源：SK海力士）
协议还明确规定了员工和管理层在SK海力士低迷时期共同应对的措施。如果公司出现亏损，最多3%的工资可能会被延迟，旨在保护就业并加速公司复苏。
一旦公司恢复盈利，延迟的工资将通过一次性支付恢复。该措施将在劳资双方就克服危机的步骤达成一致后实施，包括就业稳定措施。该安排将其框架从分享业务收益扩展到在低迷时期分担负担。
“SK海力士正在延续其通过相互信任与合作克服困难时期的传统，”公司表示。“它重申了SK海力士克服危机的DNA，包括过去劳资双方的自愿无薪休假以及2023年低迷期间延迟部分工资。”
临时协议还包括基于员工自愿参与的社会贡献计划。如果员工捐赠部分绩效奖金，SK海力士将根据1:1配捐计划贡献等额资金。参与将是自愿的。劳资双方还就福利措施达成一致，包括提高公司食堂的餐补和扩大家庭重大事件的支持。
协议达成之际，新的统一工会出现
临时协议是在公司与代表利川和清原员工以及技术和办公室员工的三个工会之间达成的。一些观察人士认为，迅速达成协议是对新成立的Hynix统一工会的回应。
如果统一工会获得足够的成员以获得集体谈判权，工资和集体谈判可能会延长。该工会的成立是为了反对公司提议的股票制奖金制度和现有工会的谈判方式。劳资双方去年同意取消PS上限，并将营业利润的10%分配给PS池。根据该计划，80%将在当年以现金支付，20%延迟，该结构将保持10年。
此举也被视为展示SK海力士在采取一系列股东友好措施后致力于管理其股价的努力的一部分。一天前，公司披露计划收购并注销40万股库存股，并在明年之前将至少50%的累计自由现金流（FCF）返还给股东。政府最近一直在敦促公司改善公司治理并加强股东回报。
SK海力士工会代表预计将于8月20日对临时协议进行投票。如果引入新的绩效奖金制度，它可能会减少现金流出，同时支持公司的股价。特别是，它可能有助于抵消发行美国存托凭证（ADR）造成的稀释，并加强母公司SK Square的所有权地位。
SK海力士于7月10日在纳斯达克上市其ADR。此次发行涉及发行1779万股新股，约占已发行股份的2.5%，稀释了现有股东和母公司的所有权股份。
SK hynix and its labor unions have reached a tentative collective bargaining agreement that includes a new performance bonus structure. (Photo: SK hynix)
SK hynix and its labor unions have tentatively agreed to pay 60% of performance bonuses in shares. They also reached a collective bargaining agreement outlining joint measures to respond when the company posts a loss.
SK hynix held briefing sessions for employees in Cheongju and Icheon on Aug. 20 to explain key provisions of its tentative wage and collective bargaining agreement. The measures included a 6.3% wage increase, changes to the performance bonus payment structure and a framework for labor and management to jointly respond to business downturns.
PS to Be Paid 40% in Cash, 60% in Shares
The company’s profit-sharing (PS) bonus will shift from the current 100% cash payment to 40% cash and 60% shares. Employees who choose to do so may receive as much as 100% of their PS in shares. The change is seen as influenced by Samsung Electronics’ new performance bonus system. Samsung Electronics and its labor unions tentatively agreed in May to pay entirely in treasury shares a performance bonus funded with 10% of operating profit. The agreement was finalized through a vote last month.
Of the shares awarded as PS, 20% will be deferred over two years, with 10% paid each year. Shares received in the current year can be sold that same year. For the deferred portion, employees may choose in the year of payment either to immediately receive a fixed number of shares or to lock in only the deferred monetary amount and receive the shares later.
The number of shares awarded will be calculated using the lowest closing price among three dates: the disclosure date for preliminary annual results, the PS cash payment date and the share payment date. The mechanism is intended to mitigate the impact of share-price volatility.
In the first year of implementation, however, employees with qualifying reasons will also be allowed to choose cash, taking into account their financial planning needs. Specific qualifying reasons were reportedly not included in the tentative agreement.
3% of Wages to Be Deferred During Losses
SK hynix listed its ADRs on Nasdaq on July 10. (Photo: SK hynix)
The agreement also explicitly sets out measures for employees and management to jointly respond to a downturn at SK hynix. If the company posts a loss, up to 3% of wages may be deferred with the aim of protecting employment and accelerating the company’s recovery.
The deferred wages will be restored through a lump-sum payment once the company returns to profit. The measure will be implemented after labor and management agree on steps to overcome the crisis, including employment stabilization measures. The arrangement expands their framework beyond sharing business gains to sharing the burden during downturns.
“SK hynix is carrying forward its tradition of overcoming difficult periods through mutual trust and cooperation,” the company said. “It reaffirms SK hynix’s DNA for overcoming crises, including voluntary unpaid leave by labor and management in the past and the deferral of a portion of wages during the 2023 downturn.”
The tentative agreement also includes a social contribution program based on voluntary employee participation. If an employee donates part of a performance bonus, SK hynix will contribute an equal amount under a 1:1 matching grant program. Participation will be voluntary. Labor and management also agreed on welfare measures including higher meal allowances for company cafeterias and expanded support for major family events.
Agreement Comes as New Unified Union Emerges
The tentative agreement was reached between the company and three unions representing employees in Icheon and Cheongju as well as technical and office workers. Some observers view the swift agreement as a response to the newly formed Hynix Unified Labor Union.
If the unified union secures enough members to obtain collective bargaining rights, wage and collective bargaining negotiations could be prolonged. The union was formed in opposition to the company’s proposed share-based bonus system and the bargaining approach of the existing unions. Labor and management last year agreed to eliminate the PS cap and allocate 10% of operating profit to the PS pool. Under that plan, 80% would be paid in cash in the current year and 20% deferred, with the structure to remain in place for 10 years.
The move is also seen as part of efforts to demonstrate SK hynix’s commitment to managing its share price following a series of shareholder-friendly measures. A day earlier, the company disclosed plans to acquire and cancel 400,000 treasury shares and return at least 50% of cumulative free cash flow (FCF) to shareholders through next year. The government has recently been pressing companies to improve corporate governance and strengthen shareholder returns.
SK hynix union delegates are expected to vote on the tentative agreement on Aug. 20. If the new performance bonus system is introduced, it could reduce cash outflows while supporting the company’s share price. In particular, it could help offset dilution caused by the issuance of American Depositary Receipts (ADRs) and strengthen parent company SK Square’s ownership position.
SK hynix listed its ADRs on Nasdaq on July 10. The offering involved the issuance of 17.79 million new shares, equivalent to about 2.5% of total shares outstanding, diluting the ownership stakes of existing shareholders and the parent company.