In this study, the effect of the implementation of the wage peak system on employment and regular and non-regular employment was estimated using data from the Human Capital Corporate Panel, and the effect on labor productivity and labor costs was also analyzed. As a result of the analysis, it was found that the effect =of the wage peak system on employment between 2011 and 2015 in all companies decreased by ?64.5%. In addition, as a result of analyzing employment by dividing into regular and non-regular employment during the same period, it is found that regular employment decreased by ?67.5% and non-regular employment increased by 65.6%. During the same period, the effect of implementing the wage peak system on labor productivity in the manufacturing industry was analyzed to decrease by ?311.7%. But the introduction of the wage peak system and labor costs did not show a statistically significant relationship.