Seoul, December 26 (QNA) – South Korea plans to reduce some 4 % of jobs at state-run organizations by 2025, South Korea’s finance ministry said Monday, in line with efforts to tighten its belt amid the economic slump.
Under the plan, the country will eliminate 17,230 jobs at public organizations, according to the Ministry of Economy and Finance. It marks the first job cut scheme for such institutions since 2009.
A separate batch of 4,788 workers will be reassigned with new duties over the period, it added.
The ministry said the measure will not affect current employees and added that the reduction will be based on retirement instead of lay-offs.
The country will also make efforts to reduce any impact on new recruitment, it added.
The finance ministry said the plan would help the country cut up to 760 billion won ($591 million) in costs annually. (QNA)
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