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Samsung and SK hynix bonuses for chip workers flagged as a national inflation risk — Bank of Korea projects full-year inflation significantly above its 2% target
The Bank of Korea has named performance bonuses at Samsung Electronics and SK hynix as a risk to the country's inflationary stability, warning in a price-stability report on June 17th that payouts worth several hundred thousand dollars per worker could push wages higher across the wider economy. The central bank found that special pay in the IT sector increased by 60.6% year over year in the first quarter, while wage growth elsewhere ran at just 2.1%, a gap wide enough that two chipmakers are now featured in national monetary policy. The bank held its benchmark rate at 2.50% in May and projects full-year inflation of 2.7%, above its 2% target.
SK hynix agreed last September to set aside 10% of its operating profit for worker bonuses, and Samsung committed 10.5% of its semiconductor operating profit after its union threatened an 18-day strike in May. These figures mean that a memory worker on a base salary of 80 million won ($52,400) stands to collect roughly 626 million won ($410,000) this year, while SK hynix staff could receive more than 700 million won ($454,851) if the company reaches 250 trillion won in annual profit. SK workers could see close to $900,000 next year on top of this year's haul.
In its price-stability report, the Bank of Korea modeled how concentrated payouts move prices. When the share of firms paying top-10% bonuses rises, consumer prices climb 0.05 percentage points roughly five months later, a lag effect that broad, even wage increases don’t produce.
Governor Shin Hyun-song has said that consumer prices should stay on a high upward path, with second-half headline inflation near 3%. The bonuses have already spilled into other areas, with labor groups citing them in next year's minimum wage talks, and card spending has risen fastest in the Gyeonggi Province districts around the two firms' fabs, where luxury sales have surged.
The payouts can of course be traced back directly to the AI-driven memory supercycle that has sent DRAM and NAND contract prices climbing through 2025 and 2026. HBM demand for AI accelerators has handed Samsung and SK hynix record operating profits, with profit-linked bonus deals converting that windfall for the companies into bags of cash for workers in the companies’ microchip divisions.
Senior South Korean policymaker Kim Yong-beom spooked markets last month when he floated the idea of a “national dividend” in a Facebook post, writing that gains from the AI infrastructure era were built on an industrial foundation the entire nation accumulated over half a century. Seoul officials later said it had no such plans, however.
Luke James is a freelance writer and journalist. Although his background is in legal, he has a personal interest in all things tech, especially hardware and microelectronics, and anything regulatory.
