SK Group, one of South Korea’s largest conglomerates, is preparing for a significant workforce restructuring as it deals with rising financial strain. The company is expected to reduce executive positions by up to 20% in its key affiliates, particularly in the refining sector, as it cuts costs across its 200-plus affiliates. The downturn in electric vehicle demand and heavy debt burdens, including 51 trillion won (US$38.3 billion) in liabilities from its SK Innovation unit, have exacerbated these pressures.
Meanwhile, Samsung Electronics is also expected to implement widespread cuts in its global workforce, with plans to reduce overseas management positions by up to 30% by year-end. These job cuts will affect regions including the Americas, Europe, and Asia, as Samsung looks to streamline operations amid challenges in its core markets.
