Hanwha Life Insurance to cut payroll

By Park Sae-jin Posted : November 26, 2014, 17:08 Updated : November 26, 2014, 17:08

 

The Hanwha Life Insurance management and union have agreed to carry out an early retirement program in December, the second of its kind this year, industry sources said Wednesday.

About 300 employees left the company during the first quarter of this year, under its first "voluntary" retirement program in five years.

Those who apply for the program will be given up to three years of salary, five years of pension assistance allowances and children's school expenses, the sources said. 

In recent years, life insurance companies have suffered from the mounting reverse margins from the prolonged low interest rate and decreasing contracts. Life insurers, such as Samsung, Kyobo, ING and Woori Aviva, already cut their payrolls this year.
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