peak wage Archives | Be Korea-savvy

Court Rules Against KT Employees in Peak Wage System Suits

SEOUL, June 16 (Korea Bizwire) — A Seoul court on Thursday ruled against more than 1,000 employees of KT Corp. seeking reimbursement for what they claimed were wages lost due to the peak wage system. A total of 1,312 incumbent and former KT employees launched two separate suits, in 2019 and 2020, demanding the compensation [...]

Wave of Lawsuits Against Peak Wage System Looms over Financial Industry

SEOUL, June 6 (Korea Bizwire) — Unionized workers at South Korea’s state-run banks are taking steps to come up with countermeasures following the Supreme Court’s latest ruling that the peak wage system designed to cut the salaries of senior workers simply on the basis of their age is invalid. The Korean Financial Industry Union plans [...]