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South Korean Banks to Cut Jobs Amid Economic Slowdown in Country

© REUTERS / Kim Hong-JiPeople take part in a rally calling for President Park Geun-hye to step down in central Seoul, South Korea, November 12, 2016.
People take part in a rally calling for President Park Geun-hye to step down in central Seoul, South Korea, November 12, 2016. - Sputnik International
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South Korean banks are cutting jobs by offering a voluntary retirement programs for the employees, local media reported on Tuesday.

MOSCOW (Sputnik) — According to Yonhap news agency, NongHyup Financial Group let over 400 employees go under voluntary retirement program, which implies that leaving workers will receive severance pay equal to 26 months of salary per person.

(L-R) SK Group chairman Chey Tae-Won, Samsung Group's heir-apparent Lee Jae-yong and Lotte Group Chairman Shin Dong-Bin take an oath during a parliamentary probe into a scandal engulfing President Park Geun-Hye at the National Assembly in Seoul on December 6, 2016 - Sputnik International
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Standard Chartered Bank Korea, a local unit of Britain-based banking giant Standard Chartered PLC reportedly let 960 employees go last year and is ready to offer the retirement program to another 200 this year.

Kookmin Bank, the country's biggest retail bank, which sacked about 200 workers in July is negotiating the retirement program with its management and trade union.

Many banks decided to slash jobs to reduce costs, since South Korea is facing an economic slowdown, with export figures and domestic consumption falling.

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