LG awards upto 665% salary, Samsung cuts incentives

South Korean leading conglomerates LG Electronics, Samsung and SK Hynix have recently disclosed the various year-end bonuses they are giving employees this year.

LG’s home appliances and air solutions division, pivotal in securing the brand's top global market position in 2023, will enjoy bonuses of up to 665% of their basic salary, according to the Korea Herald.

The vehicle solutions division, focusing on electric vehicles and EV components, is set to receive a performance bonus of 455% of the basic salary.

Bonuses of 200-300% and 135-185% are earmarked for the home entertainment and business-to-business units, respectively.

Meanwhile, Samsung has cut all incentives for its chip division due to a significant profit downturn last year.
Its Mobile eXperience division will get 46-50% of their yearly salary while those in the TV and home appliances unit are expected to receive 39-43% and 10-12% bonuses, respectively.

On the other hand, SK Hynix, the world's second-largest memory chipmaker, has opted to provide incentives of KRW 2 million (US$1,497) and 15 company stocks despite sluggish sales in 2023.

The chipmaker had also recently provided productivity bonuses equivalent to 50% of the basic salary to its workers.

Hyundai Motor Group has yet to finalize its employee incentive plans. However, its employees are hoping for huge bonuses considering the carmaker’s record sales last year.