According to the Ministry of Employment & Labor, 235 (62%) of 378 companies affiliated with the top 30 conglomerates have adopted wage peak systems as of the end of October, 2015. Other companies without such systems are considering their introduction alongside the mandatory extension of retirement age to 60 to be implemented from next year.
Samsung Group, which ranks 1st in total assets nationwide, has decided to introduce a wage peak system prior to extending its retirement age to 60 starting in 2016. Accordingly, all its affiliated companies will implement a wage peak system from next year.
LG, GS and Hanjin Groups have completed introducing wage peak systems across their affiliates. With Doosan, Lotte and Shinsegae having introduction rates of 80~90%, their affiliates are very likely to introduce their own such systems.
Hyundai Motor, now engaged in collective bargaining, has not even started discussion on a wage peak system. It is the only company in the top 10 list which has not introduced a wage peak system.
The Ministry of Employment & Labor plans to ∆ provide financial and tax assistance, ∆ identify and promote good practices, and ∆ offer guidance at the workplace-level, to spread to SMEs.
Meanwhile, more than 90% of public organizations have adopted wage peak systems. As of this month, 287 (91.7%) of 313 public organizations have completed introduction.