Restructuring of State-run Media & Financial Companies

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Restructuring of State-run Media & Financial Companies

The government plans to begin full-scale restructuring of state-run media and financial companies. On November 16, a source at the Planning & Budget Committee (PBC) said, 'We will evaluate the reform efforts of the Korean Broadcasting System (KBS), Daehan Maeil, Korean Development Bank, Korea Export & Import Bank, and Korea Industrial Bank and make final restructuring plans for these companies.'
The companies were left out of state-run companies' restructuring plans begun in July due to their special purpose.
However, the government decided that their reforms were too slow and did not reach the level of other state-run companies.
The PBC revealed that employee numbers at KBS and Daehan Maeil were 5,741 and 1,077 but they did not outline any future layoff plans. Other state-run companies plan to reduce 21.1% of their manpower by 2001.
The PBC indicated that media and financial companies would report their plans by November 14; but they did not.
A source at the PBC said, 'Certain labor unions are opposed to the government's intervention but nonetheless reforms will be performed.'
The PBC, nevertheless, ruled that the government cannot intervene in the Munhwa Broadcasting Company (MBC) because it is not a state-supported organization.
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