Kepco and unions agree to trim employee benefits

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Kepco and unions agree to trim employee benefits

The nation’s largest energy company announced it reached an agreement with labor unions to completely scrap or reduce parts of employee benefits as part of the government’s efforts to reform the public sector. Korea Electric Power Corporation (Kepco) and its union decided to reduce 11 of 12 benefits after three months of negotiations.

Kepco will stop giving out gift money every five years to employees who have been with the company at least 10 years and will reduce scholarships for children of employees.

The remaining issue, involving assessment of work achievement when determining retirement pay, will be finalized by August.

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