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

April 16, 2015 9:08 PM

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SEOUL (Reuters) - In a bid to curb rising domestic labor costs, Hyundai Motor Co 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 labor costs are eroding its manufacturers' competitive edge as economic growth slows.

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