This photo taken on June 11, 2020, shows workers heading to Samsung Electronics Co.’s plant in Suwon, south of Seoul. (Yonhap)
SEOUL, Feb. 15 (Korea Bizwire) — With global competition heating up in major industries, including semiconductors, an increasing number of South Korean tech companies are removing the retirement age for some employees as part of efforts to retain high-caliber engineers with decades of experience.
Samsung Electronics Co. plans to implement the ‘senior track’ system this year to retain highly-skilled and experienced senior workers even after retirement, according to industry sources.
The world’s biggest memory chip and mobile phone maker is now working on detailed guidelines, including the requirement for qualifications, the period of extension and treatment etc.
SK hynix Inc., South Korea’s No. 2 chipmaker, also introduced the ‘Honored Engineer’ system in December 2018 to clear the way for high-caliber engineers to continue to work even after retirement age at 60.
It also set up an in-house university, SK hynix University, in 2017 to enable retired executives to work as professional professors and transfer their expertise to younger engineers.
LG Electronics Inc. provides advisory roles to outstanding employees, including those with specialized technological expertise, even after their retirement through consulting contracts.
Kevin Lee (kevinlee@koreabizwire.com)
