SK Group is considering pouring about 46 trillion won ($38 billion) over the next few years to expand the production facilities of its chipmaking unit SK hynix, officials said Monday.

The large-scale investment move came after group chairman Chey Tae-won returned to management after being released from jail following a special presidential pardon last week.

Before presiding over a meeting with CEOs across group affiliates on Monday, Chey said, “I will have to move quickly and make on-site visits.” 

The chairman is expected to announce the investment plan as early as next week when he attends a ceremony celebrating a new manufacturing line at SK hynix’s main plant in Icheon, Gyeonggi Province.

The new M14 line ― with investment of 2.38 trillion won ― will replace the plant’s existing M10 production line. Further, more than 10 trillion won is additionally expected to be poured in the coming years for its maintenance and expansion.

After three years of hiatus, the SK chief showed up at the head office over the weekend to be briefed on group management. He had served a jail sentence since 2013 for embezzlement.

Industry watchers expect him to shortly come up with economy-boosting plans to regain control of the nation’s third-largest conglomerate.

As part of his speedy moves, the group is considering adopting a new wage system by next year.

Under the new scheme, the retirement age will be extended and older employees will be paid a reduced salary in exchange for working for an extended period.

Other conglomerates like LG, Lotte and POSCO have already implemented the wage peak system, while Samsung plans to adopt it in phases by 2017.

By Lee Ji-yoon (jylee@heraldcorp.com)