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SK Hynix Abolishes Retirement Age for Skilled Semiconductor Engineers
To Prevent Workforce Outflow
SK Hynix Abolishes Retirement Age for Skilled Semiconductor Engineers
  • By Michael Herh
  • December 28, 2018, 10:06
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SK Hynix has abolished retirement ages for skilled engineers.

SK Hynix has come up with a system to let excellent engineers continue to work even after the legal retirement age of 60. 

The chipmaker announced on Dec. 27 that it would introduce a new system that will enable engineers with high technical skills to work regardless of their retirement ages. As a result, excellent engineers with a certain level of expertise will be able to actively work in R&D, manufacturing, and analysis among others even if they become over 60 years old., Given the fact that the chipmaker’s total number of employees is 25,000 and about 10,000 of them are engineers, 40% of its total employees are engineers.

This system was announced by Lee Seok-hee, president of SK Hynix at the Wakjajikeol (Clamorous) Concert attended by about 400 employees. The adoption of the new work system was one of the core contents of the CEO’s declaration of “heart-to-heart” management during the event.

In the semiconductor industry, the announcement of the new system is seen as a move to prevent technical human resources from being leaked to the outside. It is an open secret that Chinese semiconductor companies such as Fujian Jin Hua also known as JHICC and Yangtze Memory Technologies Co.(YMTC) are attracting engineers at Samsung Electronics and SK Hynix with high salaries. Therefore, it has become more important than ever for Korean companies to manage their retired workforces. Accordingly, this measure was taken to encourage highly skilled engineers to make the most of their know-how and capabilities and have stronger loyalty for their company. "This trend is likely to spread more widely across the Korean semiconductor industry in the future," said an official of the Korean semiconductor industry.

Meanwhile, SK Hynix has decided to unify the titles of all technical office workers into TLs which means both technical leaders and talented leaders beginning next year in order to enhance communications among generations, positions and job types.