10,000 Jobs Lost in Big Business

  • By Song Hye-jin

    May 27, 2021 13:24

    Korea's major conglomerates have shed some 10,000 staff over the past year due to corporate restructuring driven by the coronavirus pandemic.

    According to market researcher CEO Score on Wednesday, a survey of 309 top companies found that there were 1.2 million workers on their payroll in the first quarter of this year, down 9,756 or 0.8 percent from late 2019.

    The number of regular workers shrank by 11,710 or one percent to 1.13 million, but that of non-regular workers increased by 1,954 or 2.8 percent to 72,527.

    That means the quality of jobs deteriorated. By sector, retailers laid off the most permanent staff with 7,938 or 7.6 percent, followed by shipbuilding, machinery and equipment (3,572), auto and parts makers (3,193), banks (2,843), food and drinks (1,283), and construction and building materials (1,150).

    In contrast, IT, electrical engineering and electronics companies hired 5,708 or 2.3 percent more regular workers.

    Lotte Shopping was behind the biggest layoffs with 2,768 as the retail giant felt the pinch, followed by GS Retail (2,678), Doosan (1,366), Hyundai Motor (1,303), KB Kookmin Bank (1,254), and LG Electronics (1,227).

    Samsung Electronics bucked the trend by hiring 6,358 more workers. Other companies that increased staff include Coway (1,703), SK Hynix (884), Samsung Biologics (777), NCsoft (645), Naver (617), Korean Air (571), and Seegene (436).

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