Hyundai Guarantees Employment of Companies to be Spun Off

Hyundai has guaranteed the employment of all workers in companies that will be sold off as part of the chaebol's restructuring plan including Hyundai Oil Refinery Co. and Inchon Iron and Steel Co..
The nation's biggest chaebol also decided to contribute a portion of the earnings from Hyundai Securities' 'Buy Korea Fund' to a newly-created unemployment fund.
The plan was quickly announced due to the workers' unrest that fomented since Hyundai released its reform plan on April 23.
At a press conference, Park Se Yong, Hyundai's chief of restructuring, said, 'In relation to the employment problem raised by the sell-off plan, we will ensure every relevant worker is provided for.'
Park added, 'A stable employment policy is a top priority in sales negotiations with other firms.'
He stressed, 'To keep this promise, we will carry out intense self-restructuring prior to a sell off.'
Park announced, 'In compliance with our stated intention for establishing the Buy Korea Fund, that being the 'recovery of the Korean economy and relief of unemployment', Hyundai Securities plans to donate 2 billion won from every 5 trillion won in sales to the unemployment fund. We will contribute 40 billion won in the event we achieve our goal of 100 trillion won in sales over the next three years.'
Hyundai reported that the 'Buy Korea Fund' passed the 4-trillion-won mark on April 24.
Jooan Kang : jooan@joongang.co.kr