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227,000 CHAEBOL JOBS SLASHED SINCE ASIAN FINANCIAL CRISIS.
SEOUL, Dec 1 Asia Pulse - The Ministry of Labor said Sunday that 227,000 jobs were slashed from South Korean chaebol companies since the 1997-98 Asian financial crisis.
It said the findings reflect the level of restructuring instigated by large companies as well as explain why it is difficult to find work.
Chaebol are South Korea's large family-owned and controlled conglomerates.
The results were based on the number of people paying into employment insurance in companies that employed more than 500 workers. This number stood at 1.74 million in December of 1997 and fell to its current level of 1.51 million.
The figures also showed that in the last year alone 9,160 jobs were cut at these companies.
The labor ministry in addition said that since there was a surge in the hiring of temporary workers from 1998, and because these people also pay into employment insurance, the actual number of full-time jobs at conglomerates was much smaller than what the tally was showing.
These findings are supported by another report released by the Korea Labor Institute ...
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