Park Jae-hyuk is a seasoned journalist who has provided comprehensive coverage of South Korea's corporate dynamics, economic policies, industry challenges and the global positioning of Korean companies. Based on the articles he has written since joining The Korea Times in 2016, his investigative approach has helped readers understand corporate governance, economic trends and business strategies shaping South Korea’s economy.
Hanwha Ocean to invest $1.5 bil. to prevent recurrence of worker deaths
Hanwha Ocean's shipyard on Geoje Island, South Gyeongsang Province / Courtesy of Hanwha Ocean
By Park Jae-hyuk
Hanwha Ocean announced, Wednesday, that it will invest 2 trillion won ($1.5 billion) over the next three years to help prevent industrial accidents at its shipyard and other facilities.
The decision was made as lawmakers are considering summoning the shipbuilder’s executives to face the National Assembly's audit next month, due to a series of fatal industrial accidents at its shipyard on Geoje Island, South Gyeongsang Province, where four workers have been killed this year alone.
The company plans to increase its budget for a safer work environment from 321.2 billion won in 2023 to 350 billion won in 2024, 280 billion won in 2025 and 400 billion won in 2026.
It will also make an additional investment of 846 billion won to establish a smart safety management system, replace worn-out equipment, conduct safety training, hire more safety managers and obtain an external agency’s safety ratings.
“After checking the safety of our facilities and listening to opinions from outside experts and our employees, we reached the conclusion that it is necessary to overhaul the entire safety management system,” Hanwha Ocean CEO Kim Hee-cheul said.
Last week, a 41-year-old subcontracted worker died during an evening shift at Hanwha Ocean’s shipyard, after falling from the upper part of a ship, which was 32 meters above the ground.
Between February and March, the Ministry of Employment and Labor carried out a special labor inspection of Hanwha Ocean, as two fatal industrial accidents occurred at its shipyard within just two weeks in January.
The company was slapped with a 100 million won fine due to safety violations uncovered during the inspection.
Last month, a subcontracted worker in his 60s passed out at Hanwha Ocean’s shipyard in the daytime and died later on. The shipbuilder’s union attributed his death to the company’s insufficient measures to prevent heat-related illnesses.