Companies see labor volatility

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Companies see labor volatility

Most Korean companies think that this year’s labor-management relationship will be more volatile than last year’s, according to a survey by the Korea Employers Federation.

The KEF said yesterday that 76.3 percent of its 232 members expect more instability in 2014, 33.6 percentage points higher than last year’s survey and the highest since 88 percent in 2010.

Meanwhile, 21.1 percent see little change and only 2.7 percent expect improvement.

Companies that see more volatility cited expansion of base salary as the main reason, followed by adoption of a peak salary system, extension of the retirement age and reduced working hours.

Among survey participants, 57.9 percent want the government to improve the regulatory environment, while 25.4 percent think labor-management issues should not become political.

In this year’s collective bargaining, 36.6 percent of companies said pay raises will be the hottest issue, followed by expansion of benefits.

About half of respondents believe collective bargaining will take three to four months, while 29 percent said one to two months and 18 percent five months.


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