- Wages at South Korea’s shipyard increases
- Samsung Heavy Industries expanded its workforce.
- Growth in wages at Hanwha Ocean.
In the past year, wages at South Korea’s major shipyards, including HD Hyundai Heavy Industries, Samsung Heavy Industries, and Hanwha Ocean, increased by an average of 15%. Notably, Hanwha Ocean saw a remarkable surge of around 12 million won (US$9,295) per employee due to the inclusion of various allowances into the basic salary midway through the year, reports BusinessKorea.
Third Quarter Wage Comparison
Quarterly reports from Nov. 21 showcased average employee wages for the third quarter: HD Hyundai at 64.22 million won, Samsung at 64 million won, and Hanwha at 63 million won. Compared to the same period last year (55.37 million won), this represents a 15% overall increase.
Growth In Wage At Hanwha Ocean
Hanwha Ocean witnessed a remarkable 23% surge, rising from 51 million won to 63 million won compared to the third quarter of the previous year. This surge resulted from a wage reform initiative announced in July, which converted several allowances into basic salaries, including monthly leave and contracted holidays while increasing the basic salary.
Workforce Expansion
Samsung Heavy Industries notably expanded its workforce from 8,936 employees to 9,462 by the third quarter of this year. HD Hyundai also grew by approximately 300 employees, reaching 13,004. Hanwha Ocean experienced a slight increase from 8,738 to 8,779 employees.
Government Efforts And Workforce
The government’s focus on expanding the foreign workforce contributed to a rise in personnel deployed to domestic shipbuilding sites. By the third quarter, the number stood at 14,359, exceeding the estimated shortage of 14,000 workers expected by year-end, aiding in addressing workforce shortages in the shipbuilding industry.
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Source: BusinessKorea
