The head of the Financial Services Commission(FSC) has pledged to encourage the adoption of a performance-based wage system at public agencies.
 
FSC Chairman Yim Jong-yong delivered the opinion in a meeting with the chiefs of state-run financial companies on Tuesday.
 
He urged state-run financial institutions to quickly adopt a performance-based wage system, calling them representative high-rolling employers. Yim then presented the example of the Korea Securities Depository where employees receive an annual salary of 104 million won on average, the highest among 321 public agencies.
 
The FSC head called on the state-run financial companies to lower wages to a level the people would find reasonable.
 
Yim added that the government will devise punitive measures for public agencies that are hesitant to adopt a performance-based wage system, such as budget disadvantages or inspections on their management efficiency.
 
By contrast, quick adopters will be given incentives like a rise in personnel budgets.