SEOUL, May 23 (Korea Bizwire) – The prolonged economic slowdown and corporate restructuring have pushed some of Korea’s top 100 listed companies to trim their workforces.
According to chaebul.com, as of March 2016, the number of employees at 51 of top 100 Korean listed companies had decreased from the end of last year. The total number of employees at the top 100 listed companies declined by 2,116 over a span of only three months, from 857,412 at the end of 2015.
The number of male workers has decreased by 1,463, from 658,325 to 656,862, and female workers by 653 to 200,550.
A total of 17 of these companies laid off over 100 employees each within the three-month period.
Samsung SDI’s number decreased drastically by 1,386 from 11,084 to 9,698, mainly resulting from the sale of its chemicals division.
Samsung C&T cut its staff by 610 from 12,083 to 11,473, Samsung Engineering by 520 (6,073 to 5,553), SK Hynix by 517 (22,139 to 21,622), and Emart by 441 (30,085 to 29,644).
The number of employees for the Big Three shipbuilders also decreased by 800. Hyundai Heavy led the way with 394 lay offs, followed by Daewoo Shipbuilding & Marine Engineering with 380, and Samsung Heavy with 73. Employment numbers are expected to fall further as restructuring efforts continue.
Further layoffs took place at following companies: Doosan Infracore (367), LG Innotek (317), Heungkuk Fire & Marine Insurance (256), Samsung Electro-Mechanics (231), Hyundai Rotem (180), Korea Electric Power Corporation (178), Asiana Airlines (125), POSCO (117), GS Engineering & Construction (113), and Doosan Heavy (113).
In contrast, 14 of the top 100 companies increased their workforce by over 100 employees each.
Daewoo Engineering & Construction showed the biggest increase with 740 new employees, from 5,597 to 6,337.
LG Chemical boosted its workforce by 620, Hyundai Motor by 321, Hyundai Mobis by 282, Korean Air by 277, Samsung Electronics by 251, and Amore Pacific by 244.
Further increases in staff also occurred at following companies: Hanwha (198), CJ CheilJedang (169), SK Telecommunications (146), Korea Aerospace Industries (142), LG Electronics (140), Samsung Fire & Marine Insurance (132), and Hanwha General Insurance (101).
By Kevin Lee (firstname.lastname@example.org)