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S. Korean Public Sector Completes Adoption of Wage Peak System

Written: 2015-12-07 10:56:11Updated: 2015-12-07 10:57:31

S. Korean Public Sector Completes Adoption of Wage Peak System

The Ministry of Strategy and Finance said Monday that all 313 public organizations in the country have adopted the wage peak system.
 
The ministry estimated that an additional four-thousand-441 people will be hired next year thanks to the introduction of the system.
 
It said a total of 18-thousand new recruits will be brought on board at public organizations next year, four-point-five percent more than this year and the most in three years.
 
The ministry also said it expects the wage peak system to spread into the private sector.
 
The government launched a campaign to encourage the adoption of the wage peak system in the public sector in May. Under the system, employees can work beyond the retirement age in exchange for a reduced salary. 

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