The Bank of Korea (BOK), Korea's central bank, is seeking to expand its performance-based wage system to include lower grade officials as part of efforts to boost efficiency and competitiveness, bank officials said Tuesday.
A new task force on expanding the new wage system has been set up following a recent order from BOK Gov. Lee Ju-yeol, the officials added, while speaking on the condition of anonymity.
Bank of Korea (Yonhap)
Senior officials at the managerial level or higher are already subject to a performance-related payment system. The move is to include more officials in the payment system while also expanding the gap between the top and lower tier groups based on their performance.
The government is currently pushing to introduce a performance-based wage system at all government institutions, including public firms, with the wage gap between the highest and lowest paid employees expected to reach up to 30 percent.
The central bank is not subject to the government-initiated wage system, while its own new wage system will require approval from the labor union. (Yonhap)
