August 11, 2015 / 3:08 AM / in 2 years

Hyundai Motor Group says to launch wage peak system from 2016

SEOUL (Reuters) - South Korea’s Hyundai Motor Group said on Tuesday it would introduce a wage peak system from next year for its employees in South Korea.

The logo of Hyundai Motor Co. is seen on a wheel of a car at a Hyundai dealership in Seoul January 22, 2015. REUTERS/Kim Hong-Ji

Under such a system, an employee’s wages reach a peak and then begin to decline as retirement nears.

The world’s fifth-largest auto group, which includes Hyundai Motor Co 005380.KS and Kia Motors Corp 000270.KS, said in a statement that the plan was the company’s response to “a social need for creating jobs for the youth and stabilizing employment conditions.”

The announcement comes after South Korean president Park Geun-hye last week called for “major surgery” on the economy, urging businesses to boost hiring.

Reporting by Ju-min Park; Editing by Christopher Cushing

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