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A Study On The Structural Background Of Wage Peak System In The Korean Banking Industry
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은행권 임금피크제 도입의 구조적 배경 연구

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Type
Academic journal
Author
Journal
한국인적자원관리학회 인적자원관리연구 인적자원관리연구 제16권 제1호 KCI Accredited Journals
Published
2009.1
Pages
1 - 18 (18page)

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A Study On The Structural Background Of Wage Peak System In The Korean Banking Industry
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Abstract· Keywords

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Aging of workforce brings major changes to firm's human resource management system as well as national economy. Especially, aging workforce in Korea will impose heavier burden on the bank which has wage system based on seniority. To cope with the potential problem caused by aging of workforce, many Korean banks have introduced wage peak system. As a result of scrutinizing annual reports of Korean Banks from 1999 to 2007, this study analyzed structural background of wage peak system and categorized them in four dimensions: supply and demand of manpower, efficiency, length of service, and average wage. With more severe competition among banks, number of branches increased. However, decreasing ratio of regular workers to non-regular workers has distorted supply and demand of manpower in the banking industry. In the mean time, profit-oriented business strategy necessitated HR manager’s decisive plan to reduce high-priced workers. Moreover, longer service years and higher average wage compared to other industries also caused early introduction of wage peak system. Hence, this study claims gravity of aging problem and the necessity of cognitive change on the aging issue to tackle the problem. Wage peak system in Korea has many realistic demerits: it does not stimulate aged workers to work hard because it can always be abused to clear off themselves, and it pays lower salaries, and also it is inadequate for job development. To solve these problems, it is needed to examine the existing seniority system in the Korean banking industry, and to change the organizational culture therein.
#임금피크제 #고령화 사회 #은행산업 #aging society #wage peak system #seniority system #bank

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Berkovec, J / 1991 / Job Exit Behavior of Older Men / Econometrica 1 : 189 ~ 210 google schola E. Lazear / 1979 / Why is there mandatory retirement? / Journal of Political Economy 87 (6) : 1261 ~ 1284 google schola Levine, Ross / 2000 / Financial intermediation and growth: Causality and causes / Journal of Monetary Economics 46 : 31 ~ 77 google schola 高熙彩 / 2007 / 고령화가 경상수지에 미치는 영향: OECD 국가를 대상으로 / 대외경제연구 11 (1) : 59 ~ 82 google schola 교육인적자원부 / 2008 / 취학률, 진학률 통계자료 / 교육인적자원부 google schola

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