Four out of 10 South Korean companies required to adopt the peak wage system this year did so, a business lobby said Thursday.
A total of 42.7 percent out of 300 firms with more than 300 employee said they had adopted the new wage system in a survey by the Korea Chamber of Commerce and Industry.
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Elderly job hunters take part in a local job fair. (Yonhap) |
Under the peak wage system, employees get less pay from the age of 55 to retirement at 60. The aim is to continue providing senior employees with jobs, while giving firms more financial leeway to hire younger workers.
From 2017, companies that hire fewer than 300 workers will also be required to adopt the peak wage system.
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khnews@heraldcorp.com)
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