Samsung Card mulls a cull

Home > Business > Finance

print dictionary print

Samsung Card mulls a cull

Samsung Card, a financial arm of the country’s top conglomerate Samsung Group, said yesterday it is considering a voluntary retirement program in an apparent bid to tide over the economic slump.

About 100 workers are expected to apply for the retirement program this year, market watchers said. Samsung Card carried out a similar scheme last year to slash its workforce.

Market watchers said the job reduction plan comes as decreased commission rates amid the protracted economic slowdown have weighed on the company’s earnings.

The average commission rate for merchants with annual sales of less than 200 million won ($184,000) was lowered to 1.5 percent from the previous 1.8 percent in September, according to the Credit Finance Association.

The reduction in commission rates came as credit card firms received sharp criticism for charging far higher fees to smaller merchants than large retailers, thus pocketing excessive income.

Samsung Life Insurance said it would not reduce its workforce this year.

Yonhap

More in Finance

Samsung Life warned by the FSS about claim denials

Dollar's weakness pushes won to 30-month high

Kospi hits another high on chipmaker optimism

Eight companies agree to share credit card data

Loans to self-employed grow at slower pace in third quarter

Log in to Twitter or Facebook account to connect
with the Korea JoongAng Daily
help-image Social comment?
lock icon

To write comments, please log in to one of the accounts.

Standards Board Policy (0/250자)

What’s Popular Now