Hyundai Heavy Retirement Program Back-Burnered

 

The Korea Times quoted a statement addressed to employees by HHI CEO Kwon Oh-gap that HHI will stop dismissing employees through voluntary retirement plans and pay each of their workers a special bonus of 1 million won ($910).

 

Kwon, who took over in September, said that Korea's largest shipbuilder will no longer introduce voluntary retirement programs.

 

Kwon also said HHI’s campaign to overhaul its corporate structure and reduce costs is close to the end, Kwon said, inviting employees and the management to come together in dealing with current difficulties.

 

”To gather our strength, the company has decided to end the ‘artificial’ manpower restructuring,” Kwon was quoted as saying.

 

Recently, HHI early retirement program targeting female workers is drawing protest from the labor union. The union is accusing the company of seeking to reduce its staff on the base of gender and educational background.

 

Earlier, the moribund shipbuilder that posted a 3.25 trillion won operating loss last year has announced that it has been receiving voluntary retirements since Wednesday from among some 600 female workers, who have been employed more than 15 years and graduated either from high school or a two-year college.