Top Businesses Hoard Assets Instead of Hiring

Korea's top five firms are hoarding assets instead of hiring new staff.

Conglomerate tracker Chaebul.com said the combined assets of Samsung, Hyundai, SK, LG and Lotte grew to around US$817 billion as of last year. That was an increase of 15 percent over three years.

The big five have also expanded their share of the sales and net profits of the 30 biggest companies, now accounting for a whopping 61 percent of sales. But their contribution to employment has not grown apace. Since 2012, the five major players increased their workforce by only 5.1 percent.

Among the top 30, they account for less than 58 percent of employment, the same proportion as in 2012. The other 25 groups boosted their staff by 5.2 percent.