기업근속에 대한 보상과 노동이동

Return to Job Seniority and Job Separation

This paper empirically analyzes the trend of the return to job seniority and its effect on the job separation. Our analysis follows two venues. First, we analyze the long term trend of the return to Job seniority using the 'Survey of Wage Structure1 data collected by the Ministry of Labor. One of our finding is that the return to Job seniority has declined from the late of 1980s, while the return to experience has rosen since the mid-1990s. We also analyze the effect of return to job seniority on the job separation using industry level aggregate data The rise of the return to Job seniority is found to have little effect on the quit, but does have a positive, albeit not much significant, effect on the layoff probability. Second, we estimate the effect of return to tenure on labor mobility using KLIPS data. Our finding is that the workers in firms which provide with higher compensation for marginal increase in tenure are less likely to move, as predicted. We conclude that the decline m the return to job seniority is an evidence that the internal labor markets in Korea have been weakening m recent years.