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Biz News Korea(Eng)
Allianz Life Insurance to cut 17 % of workforce via voluntary retirement program
- Collected
- 2016.04.28
- Distributed
- 2016.04.29
- Source
- Go Direct
Allianz Life Insurance Korea said on Monday that workers who joined the company before 2001 and born before 1981 have until May 4 to submit an application to quit their jobs in exchange for 42-month worth of salary. The company would cut 17 percent of its total 1,183 employees through the program. It also laid off its workers through a similar voluntary retirement program in December 2013.
The company said that it had no choice but to cut down its workforce in order to stay on business after it posted a net loss of 87.4 billion won ($76.1 million) last year, and Anbang Insurance agreed on the decision. It added that nothing has been determined about an additional restructuring plan.
China’s Anbang Insurance Group acquired the German life insurance company’s Korean unit for 3.5 billion won ($3 million) early this month. The announcement on downsizing came amid growing speculation that cutting workforce might have been one of the preconditions for the stake sale agreement they signed. The company said it can’t confirm whether that is true.
By Park Joon-hyung
[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]