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    People take part in a rally calling for President Park Geun-hye to step down in central Seoul, South Korea, November 12, 2016.

    South Korean Banks to Cut Jobs Amid Economic Slowdown in Country

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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.

    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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    economic slowdown, job cuts, South Korea
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