News Karnataka
Tuesday, December 06 2022
World

Large S.Korean firms cut jobs amid pandemic

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Seoul: Large South Korean companies have cut their combined workforce by more than 1 per cent over the past two years amid the coronavirus pandemic, a corporate tracker said on Tuesday November 23.

The number of workers hired by 313 out of the country’s top 500 firms by sales came to 1.24 million as of end-September this year, down 1.02 per cent, or around 12,800, from two years earlier, Yonhap News Agency quoted the Leaders Index as saying.

These companies removed some 18,200 regular jobs over the cited period, while increasing the number of non-regular workers by about 5,400.

Women took the brunt of the job reductions as they accounted for 67 per cent of those laid off, while male workers took up 74 per cent of their combined workforce as of the end of September.

Pharmaceutical firms, brokerage houses, information and technology companies, electric and electronic businesses, and state corporations added jobs, while trading firms, distributors and communication companies reduced their payrolls.

IT and electric and electronic companies hired around 8,900 more workers during the two-year period, while retailers, wholesalers and distribution firms cut nearly 11,300 jobs.

Global tech behemoth Samsung Electronics Co. posted the largest job increase with 8,606, followed by top automaker Hyundai Motor Co. with 2,018 and chip titan SK hynix Inc. with 1,550.

Retail giant Lotte Shopping Co. registered the biggest job decrease of about 5,100, trailed by top multiplex chain CJ CGV Co. with around 3,700 and supermarket operator GS Retail Co. with some 1,800, according to the Leaders Index.

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