Korea’s top three shipbuilders will cut 6,000 jobs this year to survive the decline in global orders and economic slowdown, according to their self-rescue plans released this week.
Hyundai Heavy Industries, the world’s largest shipbuilder, plans to lay off a total of 4,000 workers this year. The company will cut 2,000 workers through voluntary resignations and 1,000 workers through retirement, under the age limit. The company will also relocate 994 employees.
Daewoo Shipbuilding & Marine Engineering, the world’s second-largest shipbuilder, will cut 10,000 workers or 20 percent of its total workforce by 2020 by letting go of 600 workers annually.
Meanwhile, Samsung Heavy Industries, the world’s third-largest shipbuilder by order backlog, will cut 1,500 jobs through a voluntary resignation program this year and downsize 30 to 40 percent of its workforce by 2018.