KT begins voluntary retirement initiative

Nieuws Algemeen Korea, republiek van 9 APR 2014
KT begins voluntary retirement initiative
South Korean communications provider KT has begun a major voluntary retirement campaign, Yonhap reports. The company will accept voluntary retirement applications from employees that have worked fifteen years or longer for the company. This is the first downsizing effort since 2009, when the company implemented a restructuring programme that saw 6,000 staff leave KT. Rising expenditures from wages has been one of the factors dragging KT's earnings down as it is close to around 18 percent of the company's annual sales. The company also announced it will adopt a "wage peak" system by 2015 and cut welfare benefits. The wage peak system will allow employees to continue working past retirement age at a reduced salary. Furthermore, KT will also establish a new supervisory team which will look at the feasibilty of current and future projects.

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