[News] Amid Samsung’s Reported 30% Overseas Workforce Cuts, SK Group Also Plans Major Job Reductions

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SK Group is set to undertake a major workforce restructuring as part of its broader efforts to realign its business portfolio and reduce costs, following earlier measures this year. According to The Chosun Daily, the restructuring could see significant cuts, with some key affiliates, particularly in the refining sector, potentially reducing up to 20% of their executive positions.

As SK Group downsizes its more than 200 affiliates, it is expected to implement substantial changes, including workforce reductions across various sectors, especially in oil and chemicals. The group, heavily invested in refining and telecommunications, is currently facing a critical situation, partly due to a temporary downturn in electric vehicle demand. Financial pressures are mounting, with key affiliate SK Innovation carrying liabilities of 51 trillion won as of last year, which has added to the group’s financial strain.

At the same time, Reuters also reported that Samsung Electronics, the global leader in smartphones, TVs, and memory, is planning to cut up to 30% of its overseas workforce in certain departments.

According to the same report, sources indicated that Samsung has instructed its global subsidiaries to reduce sales and marketing staff by approximately 15% and management personnel by up to 30%. The plan, which is expected to be implemented by the end of this year, will impact jobs across the Americas, Europe, Asia, and Africa.

Additionally, other industry sources have reportedly confirmed Samsung’s global layoff plan. However, specific details about the scale of the layoffs remain confidential, making it unclear how many employees will be affected and which countries or business units will be most impacted.

(Photo credit: SK Group)