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Annual salary for workers at loss-making shipyards tops 70 mln won

All News 10:51 April 01, 2016

SEOUL, April 1 (Yonhap) -- The average annual paycheck of workers at the country's top three shipbuilders hovered above 70 million won (US$61,200) last year, although local shipyards suffered record losses, industry data showed Friday.

Hyundai Heavy Industries Co. paid 78.2 million won on average to its 25,236 workers last year, with the comparable figures for Daewoo Shipbuilding & Marine Engineering Co. and Samsung Heavy Industries Co. being 75 million won and 71 million won, respectively, the data showed.

But this year their salaries will be trimmed as local shipyards are struggling with mounting losses and an industrywide slump.

Hit by a protracted slump in oil prices and increased costs, the three racked up a combined loss of 7.7 trillion won last year, marking the first time for all three of the nation's largest industry players to register losses.

Market watchers expect their business slump to continue this year as the global shipbuilding industry is unlikely to turn around any time soon.

Major South Korean shipbuilders have been pushing for restructuring since last year to get over the unfavorable business conditions caused by falling demand and ship prices in line with the slowing world economy.

In line with a protracted industrywide slump, the shipyards also have trimmed their order targets for the year by 20 percent.

The three are expecting to win some $37 billion worth of new orders this year, compared with last year's $47 billion, according to the sources.


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