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South Korean Conglomerates are Busy Slimming Down
Era of Downsizing
South Korean Conglomerates are Busy Slimming Down
  • By Jung Suk-yee
  • November 17, 2016, 02:00
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255 subsidiaries of the 30 largest business groups in South Korea reduced the number of their employees from 1,002,653 to 988,345 between the end of last year and the end of Q3 of this year.
255 subsidiaries of the 30 largest business groups in South Korea reduced the number of their employees from 1,002,653 to 988,345 between the end of last year and the end of Q3 of this year.

 

It has been found that 255 subsidiaries of the 30 largest business groups in South Korea reduced the number of their employees from 1,002,653 to 988,345 between the end of last year and the end of the third quarter of this year. The dismissed employees were divided into 9,177 male and 5,131 female.

In 22 subsidiaries of the Samsung Group, the number decreased by 9,515 to 212,496 during the period. It fell from 37,807 to 33,697 in the Hyundai Heavy Industries Group, from 18,734 to 16,756 in the Doosan Group, from 49,017 to 47,814 in KT and from 13,199 to 12,523 in Daewoo Shipbuilding & Marine Engineering. Likewise, it decreased by 1.9% (582) in POSCO, 1.7% (393) in GS, 1.6% (246) in Kumho Asiana, 0.4% (202) in SK, 1.8% (185) in LS, 3% (155) in OCI and 0.5% (120) in Hanjin.

In the shipbuilding industry, Samsung Heavy Industries, Hyundai Heavy Industries and Daewoo Shipbuilding & Marine Engineering dismissed 6,131 employees. The number amounted to 8,962 (8.8%) in the shipbuilding, machinery and equipment industries and 5,526 (2.1%) in the IT, electrical and electronics sectors.

The number of employees increased in half of the 30 groups. For example, it increased by 835 to 125,046 in LG, which was followed by CJ (778, 4.1%), Daewoo Engineering & Construction (604, 10.8%), Hyundai Motor Company (600, 0.4%), Hyosung (447, 2.7%) and Hanwha (357, 1.1%).