Posted on 27 Sep 2024
South Korean battery manufacturer SK On is the latest to announce the need to shrink its workforce to remain competitive amid a slowdown in EV demand, Kallanish reports.
The company announced Thursday that voluntary redundancy programmes will be available to employees who agree to leave. The planned package includes options for early retirement or unpaid leave to pursue a degree – with fees subsidised 50% by the company.
“These are proactive measures to establish a lean, agile workforce, so that we can better navigate shifting EV market conditions,” SK On explains.
“While the company pushes to improve efficiency and secure grounds for sustainable growth, we are fully committed to supporting the career development of our employees who have contributed to our success in becoming a top-tier battery maker,” it adds.
With around 3,558 employees in South Korea, the company also has subsidiaries in Hungary, the US and China. The Ford and Hyundai Motor supplier is yet to record a net profit since it was split off from SK Innovation in 2021.
Source:Kallanish