New data shows more than one out of ten South Korean conglomerates are planning to downsize their recruitment plans in the first half of this year.

The Korea Economic Research Institute(KERI), under the country’s largest business lobby the Federation of Korean Industries(FKI), announced on Monday initial results of its survey on 500 of the largest local business companies in terms of sales. 

According to the institute, 17 out of 184 companies that responded said they are going to hire less workers in the January-June period compared to the same period last year. Five others said they have no plans to recruit during the period.  

On the other hand, 16 companies said they will increase their recruitment numbers, while 64 said they will likely maintain last year’s levels. Eighty others were still undecided on future recruitment plans.