Yamaichi Securities Co. will pay wages and retirement money to its employees in accordance with their labor contracts, an executive of the failed brokerage asserted Thursday.

Shinichiro Chinno, a director who heads a company committee promoting the re-employment of the brokerage's employees, made the statement during the day's first meeting of a Labor Ministry-organized liaison council on Yamaichi re-employment problems.

Chinno also said the company will allow its employees to look for jobs independently as long as the activity does not adversely affect the remaining businesses facing dissolution.

Takuji Yanagimoto, parliamentary vice minister of the Labor Ministry, explained that the council would seek jobs for Yamaichi employees before the company totally terminates its business. He said he will recruit a Yamaichi worker as one of his own secretaries.

About 20 officials of the Labor and Education ministries, the Tokyo Metropolitan Government and the Japan Securities Industry Association attended the meeting. The participants agreed that finding work for the some 490 prospective college graduates promised jobs by Yamaichi upon their graduation next year is an urgent problem.

College authorities and Yamaichi were urged to stay in close contact in seeking new employment for the students by cooperating with employment security offices. On Wednesday, Yamaichi Chairman Shoji Saotome said some 600 companies so far have offered 5,500 jobs for the approximately 7,500 employees stranded at failed Yamaichi Securities Co. Saotome made the disclosure when he met with Labor Minister Bunmei Ibuki to seek the ministry's help in finding jobs for Yamaichi employees, ministry officials said.