[THE INVESTOR] Samsung Heavy Industries Co. will cut its workforce by up to 40 percent by 2018 as part of restructuring plans, its CEO Park Dae-young revealed on June 15.

At present, the company’s regular workforce stands at about 13,000 workers.

Speaking on the company’s internal broadcasting network, Park said that between 30 to 40 percent of the workforce will be cut by the end of 2018. 

He also said that the company will begin a voluntary redundancy campaign this year aiming to cut the workforce by about 1,500 people. 



In addition, Park said that he will not draw any pay until the company is normalized. Other executives will take a 30 percent pay cut.

The company will also review all welfare programs and begin powering down some of its facilities from the second half of next year.

By Choi He-suk (cheesuk@heraldcorp.com)