Encouraging Workers After the Meeting by Touring the Manufacturing Line

The "Excellent Enterprise Field Meeting on Wage System Restructuring," organized by the Ministry of Employment and Labor to promote the expansion of wage system restructuring, was held on January 29th at 2:00 PM at the headquarters of Korean Molex (CEO: Lee Jae-hoon, www.korean.molex.com), a global leader in the electronic connector sector.

The meeting, attended by Prime Minister Hwang Kyo-ahn, Vice Minister of Employment and Labor Ko Young-sun, and Gyeonggi Regional Office of Employment and Labor Director Chung Seon-gyun, included labor and management representatives from Korean Molex, selected as an excellent enterprise, as well as from Monami, Myung In Pharm, and Komico, where active dialogue took place regarding the promotion of labor reform legislation and two major guidelines, as well as gathering feedback from the field.

This event was organized by the Ministry of Employment and Labor to promote the expansion of performance-based wage systems by visiting domestic excellent workplaces that have implemented performance-based wage systems and wage peak systems, gathering information on wage system restructuring achievements and challenges, and discovering and promoting excellent cases.

Meanwhile, Prime Minister Hwang Kyo-ahn and Vice Minister of Employment and Labor Ko Young-sun, who visited Korean Molex headquarters, listened to a briefing on Korean Molex's business operations, completed the meeting, and then toured the manufacturing line to encourage workers.

Korean Molex is a specialized electronic connector manufacturer with annual sales of approximately 320 billion won, established in 1984, and currently employs about 680 people. Korean Molex has won the "Best Company to Work For" award for six consecutive years, and following the "Communication Management Award" and "Recognition for Promoting a Culture of Sharing," was selected this time as an "Excellent Enterprise in Wage System Restructuring."

In 2008, Korean Molex implemented an annual salary system for all employees, incorporating all existing regular bonuses into standard wages. From 2013 onwards, it has additionally included all regular payments such as vehicle maintenance fees and holiday bonuses in standard wages, making exemplary labor-management coexistence efforts regarding standard wages and boosting worker morale.

In 2014, Korean Molex conducted a company-wide survey and held discussions with the labor-management council, and with worker consent, extended the retirement age from the existing 55 years to 60 years starting February 2015, and simultaneously implemented and operates a wage peak system.

Korean Molex CEO Lee Jae-hoon stated, "Going forward, we plan to establish a predictive work hour management system to efficiently manage working hours and build a smart factory to improve productivity, thereby absorbing any additional cost increases that may result from the increase in standard wage calculation base amounts."
Korean Molex has established a policy to create additional employment through business diversification and contribute to social responsibility activities, which is known to be giving fresh momentum not only to foreign-invested companies in Korea but also to the electronic industry sector.