Beneath the surface, HYBE’s announcement holds a different implication.
![Bang Si Hyuk To Earn Symbolic One Korean Won Salary As HYBE Chairperson In 2024 3 404 2 1](https://i0.wp.com/theubj.com/uae/wp-content/uploads/2024/03/404-2-1.png?resize=900%2C439)
HYBE’s chairman and founder Bang Si Hyuk will reportedly forego a standard salary for the year 2024, instead opting to receive a nominal [KRW] 1 [/krw].
The compensation plan titled “2024 Internal Director Compensation Plan” released on March 8 by HYBE, assigns a base salary of [KRW] 1 to Bang Si Hyuk, embodying a dedicated “Pay for Performance” approach. The concept aims to heighten managerial accountability.
The symbolic [KRW] 1 salary is just part of the picture. Bang Si Hyuk is anticipated to receive a hefty performance-related payout, totalling around [krw] 980 million [krw]. This bonus is a product of HYBE’s short-term incentive system, as decreed by the company’s compensation committee, taking into account performance benchmarks and evaluations.
Throughout the previous year, Bang amassed compensation amounting to [krw] 357 million [/krw], including a salary of ₩50.0 million KRW (approximately $38,000 USD), a ₩300 million KRW bonus (near $228,000 USD), and ₩7.00 million KRW (around $5,320 USD) in other earnings.
Given the commercial triumph of LE SSERAFIM, produced by Bang, and his ongoing role with the future HYBE girl group I’LL-IT, a surge in his earnings is projected for this year.
Yonhap (1) and (2)
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FAQs: Bang Si Hyuk’s Symbolic Salary and Real Earnings
- Why is Bang Si Hyuk receiving only 1 KRW as his base salary?
- Bang Si Hyuk’s symbolic base salary of 1 KRW is part of a “Pay for Performance” compensation philosophy that aims to hold management more accountable for the company’s performance.
- Will Bang Si Hyuk only receive 1 KRW for the entire year?
- No, alongside his symbolic base salary, he is set to receive a substantial performance bonus that could reach approximately 980 million KRW based on the company’s incentive system.
- How much did Bang Si Hyuk earn last year?
- Last year, Bang Si Hyuk received a total of 357 million KRW, which included a basic salary, a bonus, and other employment income.
- What are some of the projects Bang Si Hyuk is involved in?
- Bang Si Hyuk is known for producing successful K-pop acts such as LE SSERAFIM and is expected to produce HYBE’s upcoming girl group, I’LL-IT.
Conclusion: Assessing Bang Si Hyuk’s Compensation Approach
HYBE’s compensation strategy for their chairperson, Bang Si Hyuk, creatively balances symbolic gestures with substantial performance-based rewards. While the 1 KRW salary highlights a commitment to financial prudence and leadership responsibility, the hefty bonuses underscore the value and success Bang brings to HYBE. As HYBE continues to thrive in the global entertainment industry, the approach to compensating key figures like Bang Si Hyuk evolves, illustrating a tailored and dynamic understanding of value within corporate structures.