Hyundai Motor Group decided to introduce a wage peak scheme for all its group companies starting from next year.
The group announced on August 11 that it will introduce the wage peak system for all of its group companies starting from 2016 as part of an effort to cope with the rising social demand for the expansion of youth employment and the improvement of job stability.
To this end, Hyundai Motor Group will extend the retirement age which varies throughout its group companies, up to 60. With the introduction of the new system, the group aims to reduce the additional cost which would stem from the extension of retirement age, as well as to expand the recruitment of young people.
In addition, it plans to run a variety of programs for soon-to-be-retired employees, including outplacement service, business incubation, and self-development programs. Hyundai Motor Group plans to launch talks with the representatives of employees, including labor unions, to discuss the range of application and how to apply such programs.
