April 19, 2024

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[THE INVESTOR] Local refiners are paying their employees bonus as high as 10 times that of the base monthly pay buoyed by record performance last year.

According to industry sources, local refiners have or are planning to pay bonus of up to 1,000 percent of the base pay, or about 50 percent of annual salaries, reflecting last year’s record profits. 

Last year, the combined operating profits of the four local refiners -- SK Innovation, GS Caltex, S-Oil and Hyundai Oilbank -- came to over 8 trillion won (US$7.03 billion). The previous record was 6.8 trillion won set in 2011.

Reflecting high profits, SK Innovation gave its employees bonus of about 50 percent of their annual salaries, topping the list.

GS Caltex employees were given incentive of about 300 percent of their base pay, and received further bonus equal to 700 percent of the base pay.

The figures for S-Oil is yet to be decided, but a bonus of 1,000 percent of the base monthly pay is expected, up from last year’s 800 percent.

By Choi He-suk (cheesuk@heraldcorp.com)