SEOUL, March 19 (Korea Bizwire) – Nearly 7 out of 10 companies with more than five employees have adopted a “wage peak” or incentive payment systems since the introduction of legislation to extend the retirement age to 60 in 2013, a survey showed Sunday. The government has pursued the wage peak system in which employees [...]
SEOUL, Dec. 23 (Korea Bizwire) – Korea’s “wage peak system”, in a nutshell, gradually reduces wages paid to workers nearing retirement age, guaranteeing their job security in return. It also makes it easier, at least in theory, for employers to create additional jobs for young people. According to the Ministry of Employment and Labor, a [...]
SEOUL, Aug. 17 (Korea Bizwire) — South Korea’s No. 3 conglomerate SK Group said Monday it plans to have all its affiliates adopt a new wage system by next year, in line with the government’s effort to boost the labor market. Under the wage peak system, employees accept a reduced salary in exchange for working for [...]
WASHINGTON, April 18 (Korea Bizwire) — South Korea will push for the introduction of a market-wide wage peak system as part of its efforts to help young people find jobs, the country’s top economic policymaker said Saturday. Speaking to reporters in Washington, Finance Minister Choi Kyung-hwan, said while the tripartite government-labor-management dialogue platform broke down [...]
SEOUL, May 12 (Korea Bizwire) – SK Telecom decided to raise the retirement age of its employees to 60 from current 58 and introduce a “wage peak system.” SK Telecom recently signed a collective agreement with its trade union on various issues like the extension of the retirement age, wage peak scheme, and expansion of [...]
SEOUL, Korea, April 18, 2014 (Korea Bizwire) – The employers in Korea are getting worried about the increasing pressure of higher labor costs upon “Extension of the Retirement Age to 60 Laws” to be taking effect in 2016. In order to minimize the damage, companies are calling for a wage peak system. According to the [...]