South Korea’s leading chip manufacturer SK hynix said Monday it would run programs to beef up ties with its small- and medium-sized enterprise partners.
Among the initiatives to support partner firms and their employees was the so-called “wage sharing,” program, through which SK hynix employees chip in 10 percent of the increased rate of their wages to improve the welfare of employees at the partner companies. The chip maker also doles out the same amount to support its partners.
SK hynix employees would give out 0.3 percent of their pay (10 percent of a 3.1-percent wage rise) this year.
The decision came after the executives and employees of the chip maker held wage negotiations Sunday where they reached agreements on several plans to better the current wage system of the chip company and promote codevelopment of rural communities and big cities.
In line with the efforts to increase management efficiency, the labor and management decided to operate a committee in the latter half to work out the details of plans to extend the retirement age and institute a “wage-peak” scheme, aimed at reducing work hours and wages of aged workers and offering jobs for younger generations.
The company also said it would help rural farms by purchasing local agricultural products.
“The decisions are very meaningful since they would help SK hynix to gain a competitive edge in the global semiconductor market as well as to create win-win business models for small and big companies,” Park Sung-wook, chief executive of SK hynix said.
