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What happens if the wage peak system fails to pass a board resolution?

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wage peak system

Answer to Related Inquiry

Author: 김국일

Hello. I will answer regarding the wage peak system implemented solely through a labor-management agreement.

Unfortunately, if a matter requiring changes to personnel regulations and budget adjustments has not gone through review and resolution by the board of directors, it is difficult to recognize the validity of the wage peak system.

The wage peak system involves reducing wages by a certain rate before retirement age in exchange for extending employment for two years after retirement.

Therefore, it inevitably entails changes to personnel regulations, adjustments to major budgets, and changes in new hiring scale.

Confirmation of such matters constitutes important matters requiring board resolution.

Therefore, in order to implement this, board resolution must precede.

If a system that conflicts with existing personnel regulations is implemented without such board resolution and individual agreements are concluded with employees accordingly, it is difficult to consider it as having been validly implemented in legal terms.

If you need detailed review regarding procedures and regulations for matters requiring board resolution, we recommend consulting a specialized attorney.

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