Shipbuilder Daewoo plans to cut costs through unpaid leave

Struggling shipyard Daewoo is trying to slash costs by offering administrative staff one month of leave, but unpaid. This initiative is part of an accelerated rescue plan for the yard.

Photo: Thorbjørn Hansen

South Korean yard Daewoo Shipbuilding & Marine Engineering, which has faced major economic challenges for a long time now, is attempting a new measure in its fight for survival.

According to The Korea Economic Daily, all administrative employees will be offered one month of unpaid leave. The Korean media cites anonymous sources saying that the presentation of the rescue plan will be pushed forward due to the critical situation faced by the yard.

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