SEOUL, Aug. 17 (Korea Bizwire) — South Korea’s No. 3 conglomerate SK Group said Monday it plans to have all its affiliates adopt a new wage system by next year, in line with the government’s effort to boost the labor market. Under the wage peak system, employees accept a reduced salary in exchange for working for [...]
SEOUL, Aug. 13 (Korea Bizwire) – President Park Geun-hye granted special pardons Thursday to high-profile businessmen and more than 6,500 others ahead of Liberation Day. “I decided to grant special pardons in order to help forge national reconciliation and revitalize the economy as well as to boost people’s spirits,” Park said in a Cabinet meeting. The [...]
SEOUL, July 3 (Korea Bizwire) – Suh Kyung-bae, chief of South Korea’s top cosmetics maker AmorePacific Group, has become the country’s richest man in stock value, overtaking former No. 1 Samsung Group Chairman Lee Kun-hee, market data showed Thursday. Stocks owned by Suh were valued at 12.8 trillion won (US$11.4 billion) as of Thursday, while [...]
SEOUL, June 8 (Korea Bizwire) – SK Hynix and its trade union introduced a new model for coexistence and cooperation with subcontractors by raising funds through the donation of part of their increased wages. On June 7, the world’s second largest DRAM chip supplier announced that it decided to implement the wage-sharing program to improve working conditions [...]
SEOUL, June 2 (Korea Bizwire) – South Korea’s top family-controlled conglomerates, known here as chaebol, have recently announced plans to merge their key units, in what is widely seen as a play to simplify their governance structures and help pave the way for power transfers. Betting such moves will trigger a bull run for the [...]
SEOUL, Apr. 20 (Yonhap) — SK C&C Co., an IT service unit of South Korea’s No. 3 conglomerate SK Group, said Monday it will merge with SK Holdings Co. through a stock swap deal, a move seen as part of groupwide efforts to solidify its chairman’s grip on the group. The deal is the latest [...]
SEOUL, April 2 (Korea Bizwire) – To keep social enterprises operating on solid financial grounds, an incentive system offering monetary support based on their performance will be introduced. SK Group, the Korea Social Enterprise Promotion Agency, Korea Social Investment and the Research Institute for Social Enterprises recently formed a task force to assess the social [...]
“I think he has been punished enough. In the situation that SK Group is now fiercely competing with world leaders in cutting-edge industries, if he (SK Group Chairman Chey Tae-won) were released, the group would be transformed drastically. We should give it a chance to transform.” “SK is desperately competing to go ahead over other [...]
“All are equal before the law. Granted most business leaders and high-ranking government officials who are in jail were given aggravated prison sentences in the first place, it is only fair for them to be released on parole by now.” “In most case, inmates are set free after serving 70-80 percent of theirsentence terms. If [...]
SEOUL, Aug. 27 (Korea Bizwire) — Chey Min-jeong, 23-year-old daughter of SK Group chairman Chey Tae-won, has drawn public attention by applying for an officer spot in the Navy. This is the first time for a daughter of Korea’s chaebol family to volunteer for military service. After conducting an interview and physical examination last month, she [...]