SK hynix's February bonuses show up as a 32.1% jump in credit union deposits

The itemised lines add to more than the increase. Time deposits ^[2] and demand deposits ^[4] together took in 556.7 billion won against a net 500.5 billion, so roughly 56.2 billion won came out of the union's other accounts over the same six months ^[1]. Members were reshuffling, not only adding. Time deposits were 77.6% of the end-June balance ^[2].

Samsung Electronics' union grew 0.2% ^[5], which on that balance is about 12.3 billion won of new deposits ^[3]. SK hynix's unit took in roughly 40 times that ^[4]. The comparison flatters SK hynix in one respect: Samsung's pool is three times the size ^[12].

The timing fits the payout. Pay at SK hynix averaged 185 million won last year and 144 million won in the first half of this year alone ^[8], which is 77.8% of a full year's average in six months ^[6]. The company paid 80% of the profit sharing in February ^[6], so about 118 million won of that 148 million won calculation reached one employee's accounts in a single month ^[5].

Seoul Economic Daily's sources tie the surge to the bonuses ^[14]. The report does not follow money members moved to commercial banks, brokerages or property, so this is one account among several. A financial industry official gave the paper a second driver as well. "Deposit rates have kept rising since the second half began, so the credit union's deposit balance could grow further," the official said ^[13]. The same official said, "The company is doing well, so the workplace credit union's assets are growing sharply too" ^[12].

On the lending side, loans reached 1.1186 trillion won at the end of the first half, up 178.6 billion won from 940 billion ^[9]. Home purchase loans supplied 149.6 billion won of that, or 83.8% of the growth ^[10][10]. Deposits grew 2.8 times faster than loans ^[11].

I would read the half as a bonus that became savings, priced at up to 3.95% for twelve months ^[3]. Two findings would undercut that. If a large part of the inflow turns out to be members moving existing balances in from other banks, the deposit line measures rate shopping and not new income. And if Samsung's members were paid comparably and banked it elsewhere, the 0.2% figure describes where Samsung employees keep their money rather than what they took home ^[5].