The Ssangyong labour union has agreed to take a
two-year unpaid leave with all company benefits suspended until June 2023 and
accepted the restructuring measures even as it struggles under court
About 52 % of the workers accepted the company's
proposal to furlough employees. The remaining staff will see a reduction in
wages. The management has also decided to implement an additional 20% wage cut.
According to sources, SsangYong is expected to
invite tenders by next month at the consent of the union and the
court-appointed auditor Ernst & Young Hanyoung, is to oversee the sale
process. US Based Haah Automotive, electric bus maker Edison Motors and a
consortium of EV makers along with a PE fund are showing interest in picking up
has cut a few senior executive jobs as it continues with its ongoing
cost-cutting drive. This has led the worker unions to stage protests from its
production base in Pyeongtaek asking for clarity from its main shareholder
Korean Development Bank.