Four out of 10 Korean companies, which are supposed to adopt the peak wage system this year, have implemented the new wage scheme, the Korea Chamber of Commerce and Industry said Thursday.

Starting this year, companies that have more than 300 employees are required to introduce the peak wage system to share jobs with younger generations.

According to the survey result released by the KCCI , 42.7 percent of 300 respondents adopted the system. In the peak wage system, employees get less pay from the age of 55 to the retirement age of 60 to provide more jobs for younger hires.

As the retirement age was extended to 60 from 2015, larger companies are required to adopt the system starting this year. In 2017, companies that hire fewer than 300 workers are also required to adopt it.