SK Innovation announced on the 25th that it had reached an agreement during the ‘2025 wage negotiation signing ceremony’ held at the SK Serin Building in Jongno-gu, Seoul, on the 24th to set this year's wage increase rate at 2.3%.
The increase rate of 2.3% is based on the wage increase principles previously agreed upon by labor and management. The two sides had agreed in 2017 to determine the wage increase rate linked to the previous year's consumer price index. The Statistics Korea announced last year’s inflation rate to be 2.3%.
A representative from SK Innovation noted that despite the geopolitical volatility and uncertain business outlook this year, both labor and management upheld the wage increase principles and received high support from members for the agreement. They added that the model for determining wage increases linked to the price index has been praised for minimizing wasteful disputes between labor and management and for establishing a progressive labor-management culture.
Park Yul-hee, chairperson of the SK Innovation labor union, said, “This agreement further solidified the trust between labor and management and serves as an important stepping stone.” He added, “Let us exert greater effort to create an environment where members can focus safely on their work under the One CLX initiative as our labor-management culture continues to improve.”
Park Sang-kyu, president of SK Innovation, expressed gratitude, saying, “I thank the labor union and negotiation committee for trusting the company and making meaningful decisions in a short period for the company's survival and sustainable growth.” He added, “Let us work together to enhance the company's competitiveness by further developing a progressive labor-management culture based on trust and mutual respect.”