SEOUL, July 6 (Korea Bizwire) — Employees of KT Corp., South Korea’s No. 2 wireless carrier, have lost a lawsuit against their employer, claiming that their salaries were reduced due to the company’s peak wage system. The suit, filed by some 1,300 KT employees seeking the cancellation of the peak wage system, had its original [...]
SEOUL, Sept. 19 (Korea Bizwire) — Labor unionists of Samsung Electronics Co. are seeking to file a suit against the tech giant over its “peak wage” policy, sources said Monday. Samsung’s biggest labor union has been seeking participants in the legal action on its website since last Thursday. The union has around 6,000 members, some [...]
SEOUL, May 26 (Korea Bizwire) — The Supreme Court on Thursday ruled against the peak wage system introduced by a large number of local companies to gradually cut the salaries of senior workers several years before retirement. The top court said the peak wage system is an illegal discrimination against workers on the basis of [...]
SEOUL, Aug. 28 (Korea Bizwire) — With an umbrella labor union’s decision to resume talks with the government and management, adopting a peak wage system to boost youth employment is likely to become a hot potato at the tripartite talks. On Wednesday, the Federation of Korean Trade Unions (FKTU) said that it will resume the [...]
SEJONG, Aug. 27 (Korea Bizwire) — South Korean youths are faced with the stark reality of ever-decreasing job opportunities as companies remain reluctant to hire amid a protracted economic slump, and are poised to slash labor costs to prepare for the extension of the retirement age to 60 next year. Asia’s fourth-largest economy is plagued [...]
SEOUL, Aug. 20 (Korea Bizwire) — The government and the ruling party are pushing ahead with the rigid labor market reform despite strong opposition from the major opposition party and labor unions. On Tuesday, an umbrella labor union decided not to resume dialogue with the government and management on labor market reforms and announced that [...]
“The most important policy task is to keep the recovery momentum. The government must take a more prominent role in solidifying growth. The government is keeping close tabs on economic developments and will come up with policy measures that can best meet the country’s needs.” “Pushing back the retirement age will put more financial burden [...]