Finance Minister Yoo Il-ho said Wednesday that the government will deal with the laborers of conglomerates under a creditor-led workout going on strike.

In an economic-related ministerial meeting in Seoul on Wednesday, the finance minister said that he was concerned that some conglomerates’ workers are protesting when they should instead be working together to overcome the difficulties of restructuring ahead.


“They are only making contractors and nonregular workers uneasy. Their act, which is only worsening the economic conditions, will not be approved by the people,” Yoo said at the meeting.

His remarks are aimed at shipbuilding companies including Hyundai Heavy Industries, whose workers are currently on partial strikes. Laborers of the shipbuilding industry have called on the management to take full responsibility for failing to operate with financial soundness, which ultimately led to massive job cuts and asset sales.

Finance Minister Yoo said that the government will support workers facing difficulties amid the restructuring.

“We will come up with a comprehensive measure by August and support shipbuilding workers as the government allocates its extra spending,” he said.

The government has recently designated shipbuilding as a sector that needs “special state assistance” with the Finance Ministry and Labor Ministry providing aid to employees facing job losses due to debt restructuring.

The government will seek to provide financial relief to those who lose their jobs in the wake of corporate restructuring, and help them receive proper training and education so they can find new jobs.

Shipbuilding employees in regions such as Ulsan, Busan, South Gyeongsang Province and South Jeolla Province will receive such aid. The government will also lower the burden for employers in paying taxes and employees’ social expenses as a means to maintain their highly advanced workforce.

By Park Hyong-ki (hkp@heraldcorp.com)