Hyundai Heavy to Stop Forced Retirements

Hyundai Heavy to Stop Forced Retirements

South Korea’s shipbuilder Hyundai Heavy Industries (HHI) will put a stop to the practice of letting go of its employees through voluntary retirement programs, The Korea Times quoted the company’s recently elected CEO Kwon Oh-gap as saying.

HHI had dismissed 1,500 senior managers and 150 female employees through voluntary retirement programs throughout January.

In a statement addressed to employees, Kwon also said HHI’s campaign to overhaul its corporate structure and reduce costs is close to the end, Kwon said, inviting employees and the management to come together in dealing with current difficulties.

”To gather our strength, the company has decided to end the ‘artificial’ manpower restructuring,” Kwon was quoted as saying.

Kwon said that the decisions on personnel, sales, production and other activities will from now on be made by the heads of each business divisions. HHI’s overseas units will have to come up with business plans of their own, and rely solely on what they earn.

The shipbuilder also plans to form an ad-hoc committee comprised of employees from various units to serve as a communication funnel between the management and the workers.

The decision for the restructuring and the changes in the senior management came after HHI posted a USD 2 billion loss in 2014, the biggest ever in the company’s existence.

World Maritime News Staff;

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