Hyundai E&C adopts peak wage system, later retirement

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Hyundai E&C adopts peak wage system, later retirement

Hyundai Engineering and Construction said yesterday that it became first Korean construction company to adopt a peak wage system and extend workers’ retirement age to 60.

The nation’s largest builder yesterday signed this year’s wage and welfare agreement with its labor union that includes above two conditions. Just like most of other companies the retirement age for Hyundai E&C is currently set at 58.

The National Assembly last year passed a revised a law that requires companies with more than 300 workers to raise the retirement age from 2016, but Hyundai E&C decided to adopt the retirement age extension from 2015 and peak wage system in conjunction with the adjustment.

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