5K Workers Lose Jobs in Korean Shipyards
during the January-June period of this year, with about 2,000 employees who applied for voluntary retirement programs being laid off on July 1. In their earlier submitted self-rescue plans, the companies revealed that they would cut their combined workforce by up to 6,000 in 2016. But Yonhap News Agency quoted company officials as saying that this number could be even larger given the persistent slowdown in the shipbuilding industry. HHI scaled down their workforce to 26,300 as of the end of June, down by 1,100 workers compared to the end of December. Apart from this additional
Massive Layoff Ahead for Hyundai Heavy
Another massive reduction in the Korean shipbuilding workforce may come as most shipyards are still struggling with falling orders and mounting losses, reports Yonhap quoting industry sources. Hyundai Heavy Industries plans for large layoffs amid a prolonged recession in the global shipbuilding sector and the government’s move to restructure the ailing industry. Over the past few weeks, the troubled world’s No. 1 shipbuilder is rumored to be planning an additional cut of 3,000 employees -- most likely from its production line -- in the form of voluntary
