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mishlert
Joined: 13 Mar 2003
Location: On the 3rd rock from the sun
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 Posted: Mon Dec 22, 2008 2:16 am Post subject: Ssangyong Unable to Pay Staff |
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Korea's smallest carmaker Ssangyong Motors on Sunday said it cannot pay December salaries, which were due on Wednesday. Domestic carmakers saw a steep drop in sales in due to the worldwide economic crisis, but this is the first time a domestic automaker has failed to pay workers the money it owes them.
In letters to staff sent Friday, Ssangyong said, "The company is expected to post a deficit of more than W100 billion (US$1=W1,292) this year alone. Due to lack of operating funds for December, it is impossible for the company to pay salaries any longer."
It had asked the head office of its parent company Shanghai Automotive Industry in China for emergency operating funds, but the request was turned because the in-house union had called for Chinese executives to resign, Ssangyong said. Shanghai Automotive took over Ssangyong in January 2005 by buying 48.9 percent stake, bringing holdings to 51.3 percent. Ssangyong employs about 8,000 staff -- 2,500 white-collar workers and 5,500 production-line workers.
The Ssangyong executive committee plans a protest rally against management in front of the company's Pyeongtaek plant in Gyeonggi Province at 8:30 a.m. on Monday.
Ssangyong began suspending the operation of all plants, including the Pyeongtaek plant, for three weeks last Wednesday. On Dec. 12, Ssangyong drastically downscaled its entire organization by merging the domestic business division, the overseas business division, and the services division into a single one, and fired a dozen key executives. A Ssangyong executive said, "The company will conduct an additional round of restructuring focusing on its business departments."
With domestic sales dropping 34.5 percent from January until November, the number of Ssangyong's dealerships has shrunk by about 60, from 237 early this year to the current 180. November sales alone fell by 63 percent |
http://english.chosun.com/w21data/html/news/200812/200812220004.html
And it starts.
This may be just the tip of the iceberg. |
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moosehead
Joined: 05 May 2007
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| Posted: Mon Dec 22, 2008 2:57 am Post subject: |
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what starts?
I'd be willing to be Ks have been fleecing employees ever since....
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eamo
Joined: 08 Mar 2003
Location: Shepherd's Bush, 1964.
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| Posted: Mon Dec 22, 2008 3:16 am Post subject: |
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Take a look at all the cars Ssangyong make......all huge, ugly gas-guzzlers......they don't make any cars that people today actually want to buy.
They didn't see the future. They thought ignorant ajeossi's would keep on buying their massive peni_s-compensating SUV's forever.
Actyon
Musso
Kyron
Chairman
Korando
Rexton
Rodius
All ugly as hell and totally out of step with the modern cosumers tastes and needs. |
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KimchiExplosion
Joined: 01 Jul 2007
Location: Nowhere near Seoul
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| Posted: Mon Dec 22, 2008 3:33 am Post subject: |
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| eamo wrote: |
Take a look at all the cars Ssangyong make......all huge, ugly gas-guzzlers......they don't make any cars that people today actually want to buy.
They didn't see the future. They thought ignorant ajeossi's would keep on buying their massive peni_s-compensating SUV's forever.
Actyon
Musso
Kyron
Chairman
Korando
Rexton
Rodius
All ugly as hell and totally out of step with the modern cosumers tastes and needs. |
Swap Ajoshi with redneck and you've got the big 3 American car companies  |
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weatherman
Joined: 14 Jan 2003
Location: Korea
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| Posted: Mon Dec 22, 2008 3:41 am Post subject: |
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| I love the chinese investors reaction. Wish/Could western investors got balls like that. Sure its lost investment in terms of stock, but might cost even more to bail the iron rice bowl locals out. |
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Ruraljuror
Joined: 08 Dec 2007
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| Posted: Mon Dec 22, 2008 4:33 am Post subject: |
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| Ssangyong employs about 8,000 staff -- 2,500 white-collar workers and 5,500 production-line workers. |
Wonder if empoying 1 manager for every 2 people actually doing work was the most effecient use of manpower? |
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crescent
Joined: 15 Jan 2003
Location: yes.
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| Posted: Mon Dec 22, 2008 4:38 am Post subject: |
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| Ruraljuror wrote: |
| Quote: |
| Ssangyong employs about 8,000 staff -- 2,500 white-collar workers and 5,500 production-line workers. |
Wonder if empoying 1 manager for every 2 people actually doing work was the most effecient use of manpower? |
"White collar" just means office worker, not just manager. Salespeople, secretaries, marketers, analysts, designers, etc.
Last edited by crescent on Mon Dec 22, 2008 4:42 am; edited 1 time in total |
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Join Me
Joined: 14 Jan 2008
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| Posted: Mon Dec 22, 2008 4:41 am Post subject: |
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GM and Chrysler are only a month behind this Korean company. I certainly can't fault Korean management in this case. It is going to be happening everywhere in a few months.
And US autoworkers still see no reason to take a wage cut...man are they in for a dose of reality in the upcoming months. Happy job hunting boys and girls...you earned it! |
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crossmr
Joined: 22 Nov 2008
Location: Hwayangdong, Seoul
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| Posted: Mon Dec 22, 2008 5:20 am Post subject: |
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The government needs to let them fail. Someone will step in to fill the void and likely hire a good percentage of the old employees for the new company. That is the way the economy works.
Propping up a broken business doesn't work. They failed, let someone else have a crack. |
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CheeseSandwich
Joined: 02 Nov 2006
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| Posted: Mon Dec 22, 2008 5:35 am Post subject: |
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| Join Me wrote: |
And US autoworkers still see no reason to take a wage cut...man are they in for a dose of reality in the upcoming months. Happy job hunting boys and girls...you earned it! |
Yes punish the worker bees and the middle class. Lets not have the CEOs, and other higher ups take the hit first. Autoworkers should take a hit after all the solid gold toliets and comfy jets have been taken out of the business. And then maybe, just maybe the higher ups can forgo their salries for something a little more reasonable.
Then maybe the autoworkers can talk about lowering their wages.
But America never needs a healthy middle class anyway. |
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Join Me
Joined: 14 Jan 2008
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| Posted: Mon Dec 22, 2008 5:42 am Post subject: |
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These people make $30 and up an hour and close to $60 or $70 when you fold in the benefits. Their product is not selling....zero...no one is buying cars. Who is arrogant enough to expect to make a full wage when there is absolutely NO DEMAND for their product.
US autoworkers...that is who. |
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pkang0202
Joined: 09 Mar 2007
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| Posted: Mon Dec 22, 2008 5:45 am Post subject: |
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| Blame the unions. |
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CheeseSandwich
Joined: 02 Nov 2006
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| Posted: Mon Dec 22, 2008 5:57 am Post subject: |
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| Join Me wrote: |
These people make $30 and up an hour and close to $60 or $70 when you fold in the benefits. Their product is not selling....zero...no one is buying cars. Who is arrogant enough to expect to make a full wage when there is absolutely NO DEMAND for their product.
US autoworkers...that is who. |
oh god.
Time was you could make a decent living with out a college education in America. As many people did in the post war area. I know both my grandparents did. Auto work, mechanics, many blue collar jobs were compensated well enough that there was upward mobility and a solid standard of living.
How exactly is it their fault if things aren't selling well? They aren't the ones who set the plans for building gas guzzlers while the price of gas sky rocketed etc etc etc. Any one who blames the auto workers for the bad choices of people in management and higher and quite likely retarded
edit: the figure floated around of 75 bucks an hour with benifits included is arrived at by taking all the costs of health care and retirement packages. After 100 years of exsitence the auto industry has alot of retirees as well.
No auto worker is making 30 bucks an hour plus another 30 of benifits.
The average auto work makes 10 bucks an hour in benifits and can expect to take home 58k a year BEFORE taxes are applied. |
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Join Me
Joined: 14 Jan 2008
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| Posted: Mon Dec 22, 2008 6:18 am Post subject: |
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| CheeseSandwich wrote: |
| Join Me wrote: |
These people make $30 and up an hour and close to $60 or $70 when you fold in the benefits. Their product is not selling....zero...no one is buying cars. Who is arrogant enough to expect to make a full wage when there is absolutely NO DEMAND for their product.
US autoworkers...that is who. |
oh god.
Time was you could make a decent living with out a college education in America. As many people did in the post war area. I know both my grandparents did. Auto work, mechanics, many blue collar jobs were compensated well enough that there was upward mobility and a solid standard of living.
How exactly is it their fault if things aren't selling well? They aren't the ones who set the plans for building gas guzzlers while the price of gas sky rocketed etc etc etc. Any one who blames the auto workers for the bad choices of people in management and higher and quite likely retarded
edit: the figure floated around of 75 bucks an hour with benifits included is arrived at by taking all the costs of health care and retirement packages. After 100 years of exsitence the auto industry has alot of retirees as well.
No auto worker is making 30 bucks an hour plus another 30 of benifits.
The average auto work makes 10 bucks an hour in benifits and can expect to take home 58k a year BEFORE taxes are applied. |
I am retarded? You can't figure out that if your company isn't selling products you will soon be out of a job. That is common sense.
They are only making 58K a year to put the hub caps on cars? I busted my ass in sales having the phone slammed down on me hour after hour and I barely made that (in a good year). And when the companies I worked for had a crappy product line I made a lot less.
I have no sympathy for these arrogant (and ignorant) bastards. |
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CheeseSandwich
Joined: 02 Nov 2006
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| Posted: Mon Dec 22, 2008 6:31 am Post subject: |
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Yes, all they do is put hubcaps on cars. So becuase you had a shit job and shit pay, others should have shit pay? God you are like the walking Korean stereotype of the dirty westerner who couldn't find a decent job back home and came here.
Republicans have been trying for years roll back gains made by unions often citing "high pay" as a reason and all the while looking the other way while people who sit around in suits and jet set through the sky in private jets take more and more money.
American workers and Japenese workers make literally the same wage all things considered.
For example, all that money that American auto workers are supposedly scamming from their companies with health care, japanese auto companies don't have to pay becuase the goverment provides them with health care.
And if they did give up their wages, do you think the auto industry would reup the wages if the crisis was passed? No of course not. Read any history of the American industries. Pick one, any one and you'll find that SURPRISE SURPRISE, companies don't really want to pay anything to workers and will do so if they can get away with it. Why would they give up what they and others have work insanely hard to acheive.
And besides who are you to decide who should be paid what? I think many Korean employers would love to use your arguement that we are "only teaching english" so we don't nearly deserve as much as we are currently making.
Maybe you should go take a pay cut as a show of good will |
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