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Biz News Korea(Eng)
State-run KDB to expand performance-based pay system
- Collected
- 2016.05.19
- Distributed
- 2016.05.20
- Source
- Go Direct
At a board meeting on Tuesday, KDB made a decision that its employees categorized under the third and fourth level would be subject to the performance-based compensation system, with a pay difference of average three percentage points. Currently, those in more senior levels are paid based on such a pay system.
KDB also decided that the share of meritocracy pay against total annual salary of each employee to be 30 percent or higher (20 percent for the fourth rank). With its application, a gap between the minimum and maximum pay based on performance could be more than double, and a total salary difference could be more than 30 percent.
KDB is known to have decided to expand the performance-related pay system after the government has asked the state-run bank to adopt it in exchange for capital injection into the bank for nationwide ongoing corporate restructuring.
However, it would not be easy for the bank to expand the pay system as strong opposition of its labor union is expected. The labor union has threatened that it would take every possible legal action against the bank if the bank pushes ahead with the plan, accusing the management of violating agreement with the union.
By Noh Seung-hwan
[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]