Financial Services Commission(FSC) Chairman Yim Jong-yong has stressed the need to spread a performance-based salary system adopted in state-run financial institutions to the entire financial sector.

The FSC chief presented the view on Thursday during a meeting of the financial reform committee at the government building complex in Seoul.

Yim said that the government is pushing for the full introduction of the system as part of efforts to enhance the competitiveness of the country’s financial industry.

Currently, seven out of nine state-run financial institutions adopted the performance-based salary system.

The FSC chief hoped that the Export-Import Bank of Korea and the Korea Securities Depository, which top salary rankings among all public institutions, will soon introduce the system.

Yim said that the government will include employees in the process of selecting criteria for evaluating workers’ achievements and performances. He added that the government will produce and operate a fair system that allows employees to raise an objection on their evaluation.