Hyundai Heavy Industries (HHI) plans to lay off a quarter of its senior executives, equivalent to around 60 senior employees, before the end of June, reports say.
The senior officials expected to leave the company in the coming weeks, a representative for the shipyard told press in South Korea.
“In the face of the worst ever situation of work shortage, we showed our strong will to do our best to survive by slashing the number of directors significantly,” the official said, according to reports from the Yonhap news agency.
HHI is expected to lay off up to 1,000 workers in total through voluntary retirement or attrition, as part of its ongoing restructuring plan.
Meanwhile, job prospects are looking a little better at the opposite end of the career ladder. HHI, Daewoo Shipbuilding & Marine Engineering (DSME) and Samsung Heavy Industries are reportedly looking to hire a combined 400 college graduates by the end of May.