Gold prices soaring can't be handled; South Korean companies change gold rewards to cash.

South Korean pharmaceutical and biotechnology companies have traditionally given gold as a length of service reward to senior employees, but due to the recent surge in international gold prices in the past two years, many pharmaceutical companies have struggled to bear the financial pressure and have switched to giving cash to employees instead. According to the "Korean Business Times" report on the 29th, the well-known South Korean biopharmaceutical company GC Holdings used to give gold weighing 10, 20, 30, and 40 money to employees who had worked for the company for 10, 20, 30, and 40 years as a reward. "Money" is the traditional unit of calculation for the price of gold in South Korea, with 1 money equivalent to 3.75 grams. However, starting from this year, the company has changed to giving cash rewards of 5 million won, 10 million won, 15 million won, and 20 million won to employees who meet the above length of service requirements, which is also seen as a cost-cutting measure for the company.