GM Plans to Cut 5,000 South Korean Jobs
GM Plans to Cut 5,000 South Korean Jobs

GM Plans to Cut 5,000 South Korean Jobs

GM Plans to Cut 5,000 South Korean Jobs

General Motors’ South Korean unit plans to slash 5,000 jobs, or about 30% of its workforce, but keep production steady if Seoul agrees to its $2.8 billion proposal for the loss-making operation, according to a document seen by Reuters. The US automaker announced last month that it would shut down a factory in Gunsan, southwest of Seoul, and that it was mulling the fate of its three other plants in South Korea. The Detroit automaker, which owns 77% of GM Korea, is negotiating with the South Korean government over the restructuring proposal, as state-run Korea Development Bank owns a 17% stake. GM’s main Chinese partner, SAIC Motor Corp., controls the remaining 6%. In the plan it submitted to the government and seen by Reuters, GM Korea proposed cutting the number of employees to 11,000 from about 16,000. Because only 2,000 people work at the Gunsan facility, it appears the other factories will also be affected. The document did not specify when the cuts would occur.

Short URL : https://goo.gl/VGb1AD
  1. https://goo.gl/bsjpyb
  • https://goo.gl/dFPYNp
  • https://goo.gl/qCWLBE
  • https://goo.gl/ep9Eyn
  • https://goo.gl/mMxQhB

You can also read ...

While China tries to alleviate its demographic crunch, the aging society means a pension shortfall.
Forget that image of sweatshops making all kinds of cheap...
Russia Economic Recovery Underway
Retail sales in Russia picked up in April, while real wages...
In 2017 banks had total mortgage lending of around $352 billion.
High levels of household debt are the greatest risk to Sweden’...
Greece at Crucial Point
Discussions are heating up over future debt repayments for...
Peru Economy Strengthens
Economic growth in Peru strengthened in the first quarter...
Saudi Gov’t Told Not to Boost Spending
The International Monetary Fund urged the Saudi government not...
Brazil CB Keeps Rates on Hold
Brazil’s central bank considered cutting interest rates last...
EU Tells Italy to Cut Debt, Warns of Euro Spillover
Italy’s incoming government should aim to cut its heavy public...

Add new comment

Read our comment policy before posting your viewpoints