The expanded annual salary system, implemented since July 1st , is revised from the existing annual salary system which was applied only for manager level employees so far. Hyundai’s annual salary system consists of basic salary plus incentive( two times a year : July and December)from January 1st to December 31st. In addition to the annual salary, there are fringe benefits and group incentive depending on the outcome of each business unit. The main features of the expanded annual salary system are as follows. * Differentiated annual salary based on 5 classes of previous year’s personal evaluation. Increased the portion of monthly income compared to the existing salary system. * Personal incentive will be provided 2 times per year from 100% to 500% based on individual evaluation. It will be operated as ‘Plus Sum’ system which allow more salary for better employee. * Group incentive is designed to be additionally provided to the employees of each business unit depending on its management evaluation and profit outcome. Prior to the expansion of annual salary system, HEI has been working on the personal evaluation process in a sense that fair evaluation is the key to the successful operation of annual salary system. HEI has accomplished goal management system and direct notice of personal evaluation result to each employee.
– Hyundai Electronics Industries (HEI) announced yesterday that it would expand the annual salary system to all college graduate or equivalent level employees in order to settle ‘salary system based on personal capability’ in the digital management era.
