[News] SK hynix Rides AI Wave, Announces Historic 15-Month Year-End Bonus

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A report from ijiwei, citing Chosun Biz, notes that SK hynix, which is expected to record its highest-ever performance, has decided to distribute performance bonuses amounting to 1,500% of employees’ monthly base salaries.

The report highlights that this is equivalent to 15 months of annual salary and sets the highest bonus level in the company’s history, reflecting the success of its HBM business, which has greatly benefited from the AI boom.

According to sources on January 22, SK hynix announced on its company bulletin board that it would distribute total performance bonuses equivalent to 1,500% of monthly base salary. This includes a 1,000% Profit Sharing (PS) bonus and a 500% Special Performance bonus. The PS bonus is a reward distributed based on annual performance and can amount to up to 50% of an employee’s annual salary (equivalent to 1,000% of monthly base salary).

Since 2021, SK hynix has allocated 10% of the previous year’s operating profit as a fund source for the PS bonus, distributing it based on individual performance, as noted in the report.

The report states that SK hynix plans to distribute the decided 1,500% performance bonus on January 24. Additionally, the company will pay out a 150% Productivity Incentive (PI) bonus for the second half of 2024. The PI bonus is a reward distributed semi-annually when production targets are achieved.

Meanwhile, the report highlights that SK hynix has announced the implementation of a shareholder participation plan, allowing employees to choose to convert a portion of their PS bonus (up to 50%) into company stock. If the stock is held for one year, the company will provide an additional cash reward equivalent to 15% of the purchase amount.

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(Photo credit: SK hynix)