bonus cuts Archives | Be Korea-savvy

LG Energy Solution Employees Protest Bonus Cuts as Demand for EVs Wanes

SEOUL, Feb. 6 (Korea Bizwire) – A number of employees from LG Energy Solution have launched a protest demanding improvements to the bonus system following the company’s decision to significantly reduce this year’s bonuses due to a slowdown in demand for electric vehicles. From February 5 to 29, approximately 1,700 LG Energy Solution employees, through anonymous [...]

Big Firms Sharply Cut Performance Pay, Dividends on Dismal Earnings

SEOUL, Feb. 5 (Korea Bizwire) — Major South Korean companies sharply cut payments of performance-based pay and dividends for 2019 due to abysmal earnings, industry sources said Wednesday. Top-cap Samsung Electronics Co. recently decided to lower the maximum amount of performance pay for workers at its semiconductor division to 29 percent of their annual salary [...]