The Korea Herald, The Korea Times

Photo by: SsangYong/Facebook

SsangYong Motor is one of the companies that has been badly affected by the COVID-19 pandemic. It was already struggling, and its situation was worsened by the coronavirus.

Now the ailing carmaker is trying to get back up by undergoing rehabilitation and applying some business plans. While it has yet to regain a good footing in the car manufacturing business, it is making a new move to save the company.

Sending the workers home

As per The Korea Herald, SsangYong Motor will be sending half of its workers for a temporary break, and the worst part is that this is unpaid leave. It was said that most of the employees may be rotated for the leave schedule for up to two years.

This is apparently a desperate action from SsangYong Motor to be able to save on costs. While the breaks are not good since it is without pay, this plan will minimize company layoffs. Factory workers are the ones that will be hit with this scheme.

It was revealed that the automaker is talking to the labor union so they can set up an action plan together. The talks followed after the announcement of unpaid leaves for the factory workers.

The good thing is that unionized workers were said to have accepted SsangYong Motor’s turnaround plan, even the unpaid leaves of a large number of employees for a maximum of two years. This is a nice development because it means the unions are willing to work with the company, so both parties will gain in the end.

On Tuesday, June 8, SsangYong Motor stated that 52.1% of workers out of its 3,224 members participated in the voting and agreed on the plan. The unpaid leave will begin on July 1.

SsangYong Motor's restructuring plan

The Korea Times reported that unionized workers accepted Ssangyong Motor’s scheme under the heavy restructuring measures. This is because they also know that the company is struggling to cope with its financial issues.

Under the self-restructuring scheme, the factory workers will take their leave, and the schedule will be rotated out of the 3,224 unionized members. There will also be pay cuts, and the employees approved this as well.


Japan travel news, japan travel guides, japan holiday destinations and japan reviews

LATEST NEWS

NEWS RELATED

Samsung Display workers may go on strike next week

Photo by: Samsung/Facebook Samsung Display is being threatened with a strike that could happen next week. The company shared on Wednesday, June 16, that its labor union is planning to go on strike as the management and the workers failed to reach an agreement to settle their differences. The issue…

Read more: Samsung Display workers may go on strike next week

eBay Korea acquisition: Shinsegae, Naver likey winners to buy the e-commerce platform for $3.9 billion

Photo by: Mike Knell/Flickr (CC BY-SA 2.0) eBay Korea was put up for sale earlier this year, and it failed to find a buyer at that time. In April, companies started to take an interest in its acquisition and have submitted their bids. Major companies have participated, including several private…

Read more: eBay Korea acquisition: Shinsegae, Naver likey winners to buy the e-commerce platform for $3.9 billion

Hybe: BTS’ new song ‘Butter’ reportedly increased the company’s market value

Photo by: BTS/Instagram Hybe, formerly known as Big Hit Entertainment, saw its market valuation shoot up to an amazing number after BTS’ “Butter” track was released and subsequently dominated all the music charts around the world. The company’s value reportedly went past the ₩10 trillion mark or around $8.95 billion.…

Read more: Hybe: BTS’ new song ‘Butter’ reportedly increased the company’s market value

Hyundai Motor halts operations in US plants

Photo by: Mpho Mojapelo/Unsplash Hyundai Motor Group has stopped operations in its production plants in the United States. It was reported that the reason for the pause was the automotive chip shortage. The unavoidable factory suspension The South Korean automaker made the announcement of the temporary pause on Monday, June…

Read more: Hyundai Motor halts operations in US plants

Celltrion’s COVID-19 antibody treatment shows positive results in the phase 3 trial

Photo by: Celltrion/Facebook Celltrion just completed the phase 3 trial for its COVID-19 antibody treatment and it has shown very positive results. The biopharmaceutical company headquartered in Incheon, South Korea proves the efficacy of its treatment and full phase 3 results will follow before this month ends. Outcome of phase…

Read more: Celltrion’s COVID-19 antibody treatment shows positive results in the phase 3 trial

Hanwha reportedly worried about Carrot Insurance as Kakao dives into the same business

Photo by: Hanhwa General Insurance Website Hanwha General Insurance is allegedly on the edge as Kakao is getting into the insurance business too. It was reported that South Korea’s first insurance company that was funded by domestic capital is getting worried because its own Carrot Insurance may lose against the…

Read more: Hanwha reportedly worried about Carrot Insurance as Kakao dives into the same business

Naver, Kakao competition in global webtoon market intensifies with acquisition of foreign firms

Photo by: Naver/Facebook Naver and Kakao are two South Korean companies that have their own digital comics platform. The two are very successful in this field but as they go on with their respective businesses, their rivalry is just getting more intense. Naver and Kakao are also venturing into the…

Read more: Naver, Kakao competition in global webtoon market intensifies with acquisition of foreign firms

Coupang takes the plunge into live e-commerce business

Photo by: Coupang/Facebook Coupang is diving into a new form of e-commerce business and this venture is set to begin in July. it was reported that the company will begin its own live selling platform to market products in real-time through video streaming. This move follows after Coupang went public…

Read more: Coupang takes the plunge into live e-commerce business

CJ ENM withdraws favorite channels from LG Uplus Mobile TV

Kakao Entertainment continues to expand with strategic acquisitions in S. Korea and overseas

Moderna vaccine to be used for LG, Samsung, and SK workers

Paris Baguette: Korean bakery opens first outlet in Cambodia

S. Korean employers agreed to paid vaccination leave for workers

Mint Chocolate is the newest fad in S. Korea and businesses are all in the trend

Hyundai Motor, BTS to unveil hydrogen campaign via World Environment Day documentary

Starbucks Korea to launch reusable cup pilot program in Jeju Island

OTHER NEWS