Automotive group to employ 60,000 by 2020
By Park Jin-hai
Hyundai Motor Group said Thursday that it will hire 60,000 young jobseekers by 2020.
Starting with 9,500 new jobs this year, it plans to hire 35,700 young jobseekers by 2018.
The automotive group will also invest 120 billion won over the next three years to run programs that help young people receive training to gain employment as well as fostering them in starting their own business.
It will initiate an overseas internship program as well.
Under the Youth Hiring Support program, Hyundai Motor will hire more young people in the future.
If the new hiring scheme is implemented, its average new annual hires will increase 25 percent to 12,000.
The group will also actively tap into its internship program, where some 1,700 young people could benefit by 2018.
In particular, the new overseas internship program will enable 650 university students to work as interns at its global branches. This will aid them in being hired there in the future. That number will increase to 1,100 over a five-year period.
Applicants' language ability will be considered a major asset, while students doing a humanities course will be given added points as they have lower opportunities in the job market than students majoring in natural sciences or engineering.
The company will embark on a job training course, where young people receive training and its affiliates gain skilled personnel. Through the six month program, people on the course will have a 1.5 million won monthly allowance and a great opportunity to gain full-time employment when they finish the program.
Starting from 2015, 800 people will undergo job training each year. "This kicked off as the corporate responsibility program. Thus it will not be a one-shot event," said a company spokesman. "It gives job opportunities for young people and help affiliates that are having difficulties in recruiting skilled workers at the same time."
The company will also set aside 24 billion won to help 5,400 young people start their own businesses over the next three years.
An additional 36 billion won will be invested by 2018 to provide scholarships to students.
The government has been calling on businesses to take the lead in creating jobs, especially for those in their 20s and 30s.
Asia's fourth-largest economy has been plagued by high youth unemployment as a prolonged economic slump has made companies reluctant to hire new workers.
In July, the jobless rate for people between the ages of 15 and 29 stood at 9.4 percent, much higher than the overall rate of 3.7 percent.
Previously, Hyundai Motor Group said it would introduce a peak wage system to its affiliates despite labor opposition.
The company wants to reduce labor costs by cutting senior workers' wages and using the money to hire more young jobseekers.
By Park Jin-hai
Hyundai Motor Group said Thursday that it will hire 60,000 young jobseekers by 2020.
Starting with 9,500 new jobs this year, it plans to hire 35,700 young jobseekers by 2018.
The automotive group will also invest 120 billion won over the next three years to run programs that help young people receive training to gain employment as well as fostering them in starting their own business.
It will initiate an overseas internship program as well.
Under the Youth Hiring Support program, Hyundai Motor will hire more young people in the future.
If the new hiring scheme is implemented, its average new annual hires will increase 25 percent to 12,000.
The group will also actively tap into its internship program, where some 1,700 young people could benefit by 2018.
In particular, the new overseas internship program will enable 650 university students to work as interns at its global branches. This will aid them in being hired there in the future. That number will increase to 1,100 over a five-year period.
Applicants' language ability will be considered a major asset, while students doing a humanities course will be given added points as they have lower opportunities in the job market than students majoring in natural sciences or engineering.
The company will embark on a job training course, where young people receive training and its affiliates gain skilled personnel. Through the six month program, people on the course will have a 1.5 million won monthly allowance and a great opportunity to gain full-time employment when they finish the program.
Starting from 2015, 800 people will undergo job training each year. "This kicked off as the corporate responsibility program. Thus it will not be a one-shot event," said a company spokesman. "It gives job opportunities for young people and help affiliates that are having difficulties in recruiting skilled workers at the same time."
The company will also set aside 24 billion won to help 5,400 young people start their own businesses over the next three years.
An additional 36 billion won will be invested by 2018 to provide scholarships to students.
The government has been calling on businesses to take the lead in creating jobs, especially for those in their 20s and 30s.
Asia's fourth-largest economy has been plagued by high youth unemployment as a prolonged economic slump has made companies reluctant to hire new workers.
In July, the jobless rate for people between the ages of 15 and 29 stood at 9.4 percent, much higher than the overall rate of 3.7 percent.
Previously, Hyundai Motor Group said it would introduce a peak wage system to its affiliates despite labor opposition.
The company wants to reduce labor costs by cutting senior workers' wages and using the money to hire more young jobseekers.
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