Samsung Elec to reward chip division employees with up to 500% special bonus

2018.12.06 13:52:04 | 2018.12.06 15:25:01

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Samsung Electronics Co. will share its best-ever performance this year with generous rewards to employees and suppliers of first and second tier.

The electronics giant said Wednesday that it will extend cash bonuses to its employees in semiconductor division by 300 percent to 500 percent of their base salaries and reward staffs dispatched from its partner companies with special incentives worth 18.2 billion won ($16.3 million) in total. Employees of the consumer electronics and smartphone divisions will get 100 percent of their base salaries in special bonuses.

Last year, the company had rewarded only semiconductor division employees with special bonuses. But this year it has extended the reward to others as well to boost employee morale.

It already has given out 4.3 billion won in special incentives to 89 partners of first- and second-tier in the memory chip supply chain. The company also paid out special bonuses last year when the super cycle in memory chips started. The incentives are to be paid out to second-tier suppliers for the first time this year.

The special bonus is an extra reward to employees on top of annual bonuses the company pays its employees based on individual and business’s performance.

Samsung Electronics has raked in 48.08 trillion won in operating profit in the first three quarters of this year, up 25 percent from the same period last year. The profits were mostly from the memory chip business. The semiconductor division’s operating profit during the nine-month period amounted 37 trillion won or 77 percent of the company’s total earnings

By Kim Gyu-sik and Cho Jeehyun

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