Despite the slowdown in its key automotive business, Hyundai Motor Group, the nation’s second-largest conglomerate, will create more than 10,000 new jobs this year -- the largest annual recruitment plan in its history -- in response to the worsening youth unemployment.

The group originally had a plan to hire 9,500 workers this year.

“The company expects to push for the largest hiring plan this year with the support of the wage peak system,” a group official said.

Last Thursday, the automotive group announced it would introduce the system to gradually cut the wages of older employees in return for extending their retirement age from next year.

“The labor cost reduction plan will enable the group to additionally supply more than 1,000 jobs for young workers per year from this year,” the official said.

“The group will continue to find ways to hire young talents and thereby contribute to solving the youth unemployment issue.”

The expanded job creation plan of Hyundai Motor Group, however, can be implemented only if the labor union accepts the wage peak system during wage negotiations in the fall, industry sources said.

Besides Hyundai, other major conglomerates, including Samsung and SK, have been expanding their hiring plans since President Park Geun-hye urged businesses to take a bigger role in revitalizing the economy and to create more jobs early this month

SK Group, the nation’s third-largest conglomerate, had initiated the expansion of the hiring plan. It said it would create 4,000 internships for young workers in collaboration with its vendors and social enterprises over the next two years.

The group had unveiled the plan a week before its chairman was released from the prison following a special pardon on Aug. 14.

Samsung Group announced Monday it would create some 30,000 new, entry-level jobs over the next two years.

Samsung’s hiring plan includes traineeships at sub-contractors. The nation’s largest conglomerate promised to select 3,000 trainees in the latter part of the year, paying them 1.5 million won ($1,270) per month. The trainees will be given a chance to apply for full-time jobs at Samsung affiliates after completing four years of training at subcontractors.

According to industry sources, regardless of the business conditions, the nation’s top 10 conglomerates are expected to supply up to 80,000 jobs in different sectors, ranging from manufacturing to services, over the next two or three years.

Young jobseekers hailed the move, but they also raised concerns about the quality of jobs that will be provided.

“Internships or traineeships are not a tempting option for full-time job seekers,” said 27-year-old Kim Min-jae, who has been applying for jobs at conglomerates since he graduated early this year. 

By Seo Jee-yeon (jyseo@heraldcorp.com)