Big firms on track to boost jobs for youth

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Big firms on track to boost jobs for youth

Korean conglomerates are meeting the government’s strong demand to create job opportunities for the nation’s youth.

According to recruitment plans announced by chaebol groups, including Hyundai Motor Group, more than 80,000 positions will be offered for young people who are desperately seeking a job in the next two to three years.

The Hyundai Motor Group - which operates 41 businesses including the country’s two auto giants, Hyundai Motor and Kia Motors - said on Tuesday it plans to hire a total of 10,500 new workers.

The company said earlier this year it will hire 9,500 people this year. Adopting the peak wage system, which gradually cuts the wages of employees in the years leading up to their retirement, will allow them to hire 1,000 additional workers.

But one important part of the plan is the adoption of the peak wage system which the company’s labor union has still to agree on. As a part of the process, Hyundai announced last week it will extend the retirement age of all employees to 60.

The current retirement age is 57 for Hyundai Steel and Hyundai Engineering & Construction and 58 for Hyundai Motor, Kia Motors and Hyundai Mobis. The labor union recently demanded the company extend the retirement age to 65.

Samsung Group said last week it will hire about 30,000 people in the next two to three years. Lotte Group also said it will hire 24,200 workers by 2018 and Hanwha said last week it will hire 17,569 by 2017.

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