Send to

S. Korea cuts over 10,000 employees at state-run institutions in 2023

Feb. 28, 2024 - 11:39 By Yonhap
(Herald DB)

The government cut more than 10,000 workers from state-run companies in 2023 as part of efforts to reform and innovate the management of public firms, the finance ministry said Wednesday.

Public companies let go of a combined 11,374 workers last year through organization restructuring, voluntary retirement and various other programs, which surpassed the government's target of shedding 11,072 employees that year, according to the Ministry of Economy and Finance.

State-run firms also sold 409 assets worth 2.6 trillion won ($1.95 billion) in 2023, and they saved 800 billion won in operating costs through belt-tightening measures, the ministry added.

Last year's asset sales came to around 40 percent of the government's plan to sell 6.8 trillion won worth of assets amid a property market slump, the ministry said, vowing to continue to implement measures to boost their management efficiency. (Yonhap)