[News Today] SK hynix delays construction payments

[LEAD]
SK hynix is facing criticism over how it pays small subcontractors building its semiconductor plants. Despite the chip industry boom, contractors are being paid with promissory notes that can take two to three months to cash.
That leaves smaller firms carrying the cost in the meantime.

[REPORT]
This is the construction site for a new SK hynix semiconductor plant.

Roughly 250 subcontractors are taking part in the construction.

But these subcontractors working in a project for the booming chipmaker are facing hidden financial strain.

It's because of the way they're paid for their work.

SK hynix pays its main contractor, SK ecoplant, with 90-day promissory notes.

The contractor then pays subcontractors in 60-day notes.

With processing time for the notes, subcontractors wait about two and a half months to receive payment.

Until then, the subcontractor must pay for materials on its own or take out a loan.

Subcontractor official / (VOICE MODIFIED)
We must pay tens of billions of won upfront, so we turn to banks for funding.

The Democratic Party set out to reform the subcontractor payment system as the party's number one policy task and notified of the revision of pertinent laws.

Kim Nam-geun / Democratic Party
The 60-day payment items in the Subcontracting Act will be revised to 30 days.

SK hynix said it has decided to pay construction costs to all subcontractors in cash and the new measure will be implemented in a few weeks.

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