Hyundai Heavy retirement program draws protest

By Park Jin-hai

Hyundai Heavy Industries’ (HHI) early retirement program targeting female workers is drawing protest from the labor union.

The union is accusing the company of seeking to reduce its staff on the base of gender and educational background.

The moribund shipbuilder that posted a 3.25 trillion won operating loss last year has announced that it has been receiving voluntary retirements since Wednesday from among some 600 female workers, who have been employed more than 15 years and graduated either from high school or a two-year college.

The company’s labor union calls the company’s program “discriminatory and old-fashioned.”

“Some 1,300 workers in managerial posts already left the company under a voluntary retirement program in January. If the company carries another program targeting female workers, we will protest it at all costs,” said the union in the statement released on Friday.

Angered female union members held a meeting two days ago.

“Some 250 people convened that day. Some of them said they were under pressure to apply for the voluntary retirement through personal interviews with their bosses,” said a union member.

The company, however, said that it never forced workers to apply for the program, calling it purely voluntary.

The company suggested that it give 40-month salary plus a lump sum payment of 15 million won to those who opt into the retirement program.

Meanwhile, the company will sell 160 billion won worth of its treasury shares to raise funds for the payment of bonuses it agreed to give to its workers. In its public announcement Thursday, it said it will sell 1.2 million shares from Friday until April 5.

The proceeds will be provided to employees according to this year’s wage agreement.