The nation’s top three shipbuilders are expected to present self-rescue plans as early as this week that will entail laying off up to four-thousand employees.
 
According to related industries on Monday, Hyundai Heavy Industries, Samsung Heavy Industries and Daewoo Shipbuilding and Marine Engineering will present their belt-tightening plans to creditor banks this or next week.
 
Starting from Monday, Hyundai Heavy Industries began receiving applications for early retirement from among employees who rank higher than section chiefs. The company’s self-rescue plan is said to include a proposal to slash manpower by two- to three-thousand, or between and five and ten percent of its total staff.
 
Samsung Heavy Industries, which carried out self-restructuring efforts through voluntary retirement and downsizing last year, is expected to cut personnel by an additional 500.
 
Daewoo Shipbuilding and Marine Engineering, on its part, is likely to reduce its workforce by 600.
 
The three troubled shipbuilders are undergoing corporate restructuring in the face of worsening business conditions brought on by slumping demand.