The view of Samsung Biologics’ Super Plant 4 (Image provided by Samsung Biologics)
SEOUL, Jan. 31 (Korea Bizwire) –Samsung Biologics has disclosed that the total compensation package for its employees, including wages and benefits, can reach up to 100 million KRW annually for first-year employees.
On January 31, it was revealed that Samsung Biologics had shared a “Total Compensation Statement” with its employees for the first time, detailing individual wages and welfare support converted into actual monetary values. This document presents a detailed breakdown of the financial support provided by the company over a year, across various categories.
Historically, the company has released a “Comprehensive Compensation Statement,” but starting this year, it has opted to provide more detailed information through the Total Compensation Statement.
According to this statement, the sum of wages, including benefits such as company-provided housing, childcare facilities, meal allowances, medical facilities, and convenience services, can amount to as much as 100 million KRW for a new employee in their first year.
Following a record-breaking performance last year, the company also announced the payment of over 50% of annual salaries as Over Profit Incentive (OPI) bonuses.
The OPI, a bonus scheme within the Samsung Group, is based on the previous year’s performance and allows for a bonus of up to 50% of the annual salary, within a 20% limit of the excess profits.
Additionally, the Target Achievement Incentive (TAI), which is paid based on performance twice a year and can go up to 100% of the monthly base salary, was also distributed at its highest level last year.
As per the 2022 business report filed on the Financial Supervisory Service’s electronic disclosure system (DART), Samsung Biologics’ average salary is 92 million KRW, the highest among its peers in the industry, including Celltrion (81 million KRW), SK Bioscience (81 million KRW), and SK Biopharmaceuticals (84 million KRW).
Samsung Biologics reported record-breaking revenues of 3.69 trillion KRW and operating profits of 1.11 trillion KRW for the last year on a consolidated basis.
Ashley Song (ashley@koreabizwire.com)
