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7 January, 2001Union reacts to auto company's plans to lay off workers.
KOREA, REP: According to the January 5th Labour Flash of the ICFTU's Asia and Pacific Regional Organisation, Daewoo Motor Co. has announced plans to lay off 6,884 workers, or 32 per cent of its workforce. In response to this announcement, union leaders will be holding strike votes on January 10 and 16.
The company, which is bankrupt, is in the midst of a takeover bid by General Motors Corporation and its partner Fiat. The trade unions, however, are firmly against any sale to an overseas buyer.
In the past two months, 2,400 Daewoo employees have left through early retirement. The company claims the job cuts must be effected by the end of January in order to gain new financial aid from creditors.
See associated link or search the IMF website under "Daewoo" for full background information on the situation at the troubled Korean auto firm.
The company, which is bankrupt, is in the midst of a takeover bid by General Motors Corporation and its partner Fiat. The trade unions, however, are firmly against any sale to an overseas buyer.
In the past two months, 2,400 Daewoo employees have left through early retirement. The company claims the job cuts must be effected by the end of January in order to gain new financial aid from creditors.
See associated link or search the IMF website under "Daewoo" for full background information on the situation at the troubled Korean auto firm.