The Industrial Bank of Korea (IBK) and Citibank Korea are planning to give their indefinite term workers (3000 in the former, 300 in the latter) regular employment. This is in line with President Moon’s policy to reduce the number of… Continue Reading
More than 1,700 workers were found to have been laid off last year from listed financial companies due to restructuring of the financial sector. It is estimated that thousands more were laid off if unlisted companies are included. Based on… Continue Reading
SK Group announced that it will provide KRW 4.8 billion (USD 4.23 million) to 93 social enterprises which participated in SK Group’s Social Incentive Project, which has run from 2015 under the leadership of the Chairman, Mr. Tae-won Chey. The… Continue Reading
According to an analysis by Korea’s Financial Supervisory Service, the average employment tenure in the 88 listed companies (all affiliates of 10 conglomerates) is 10 years. By group, employees with Hyundai Heavy Industries Group have the longest tenure at 15.7… Continue Reading
The trade union at Daewoo Shipbuilding & Marine Engineering (DSME) proposed discussion of the ‘pain-sharing’ agenda, including wage reductions, through a conservative group composed of labor and management at DSME, the government, and creditors. The union explained that “management recently… Continue Reading
GM Korea announced that it would implement a voluntary retirement program for its office workers, the 5th such program since 2009. Management notified the trade union that the voluntary retirement program would be implemented because of financial difficulties. This program… Continue Reading
The Korean Air Pilot Union has announced the withdrawal of its 2nd strike call. The union had announced a strike since no wage agreement was concluded for 2015 or 2016. The 1st strike was from 22 December to 29 December… Continue Reading