Ssangyong to Lay off 30% of Management
26 April, 2021
Cash-strapped Ssangyong will lay off around 30 percent of management after entering court receivership earlier this month.
The SUV maker will give pink slips to around a dozen of its 30 senior managers.
Industry watchers expect the automaker to lay off rank-and-file staff next, but unionized employees insist that staff must be kept on regardless of how dire the situation.
Chung Il-kwon, the top of Ssangyong’s labor union, said the other day, "The union promises to help with self-rescue steps, but unionized workers should never bear the brunt of the sacrifice."
Workers are expected to simply accept reduced wages and other conditions.
A court-appointed official is reviewing the automaker's financial records to determine if it is better to keep it afloat or liquidate it. The report arrives by June 10. If the business is given another lifeline, it has until July 1 to submit a self-rescue plan.
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