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No factory for old men - Hyundai Motor seeks to end seniority-based pay | Reuters

Apr 17, 2015    

SEOUL (Reuters) - In a bid to curb rising domestic labour costs, Hyundai Motor Co (005380.KS) is seeking to base wages on merit not seniority in an overhaul of a decades-old salary system that puts the South Korean firm on a collision course with its activist union.South Korea is the world's fastest ageing major economy, and high labour costs are eroding its manufacturers' competitive edge as economic growth slows.If Hyundai Motor, one of South Korea's biggest employers, succeeds in revamping its pay structure, other companies are likely to follow suit. That will accelerate a move away from a ...

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