LG Display will pay management performance bonuses to employees.
According to the industry on the 29th, LG Display said in an internal notice that day that it plans to pay management performance bonuses equal to 150% of fixed pay (base salary) to employees across all business units. The bonuses are scheduled to be paid next month.
It appears the bonuses are being paid as LG Display, which had been suffering losses, returned to an annual profit for the first time in four years. On the 28th, LG Display announced that last year's revenue and operating profit reached 25.8101 trillion won and 517.0 billion won, respectively. Achieving an annual operating profit is the first time in four years since 2021 (2.3306 trillion won).
LG Display posted consecutive losses due to slowing demand in the TV market and intensifying competition in 2022 (2.0850 trillion won), 2023 (2.5102 trillion won), and 2024 (560.6 billion won), and was unable to pay bonuses.
At the earnings conference call the previous day, the company revealed plans to pay employee encouragement money and said it had reflected the related expense in the fourth quarter of last year.
LG Display plans to focus more this year on reshaping itself into a technology-centered company, based on the results of advancing its business structure around organic light-emitting diodes (OLED).