S. Korea's major conglomerates cut back on hiring

Major conglomerates like Hyundai, LG, Samsung and SK are cutting down on hiring as the slump shows no sign of lifting.

Recruitment schedules published this week show that most conglomerates will start taking applications in September, conduct interviews in October and announce the successful candidates in November or December.

Employment portal Job Korea surveyed 146 out of the nation's top 500 companies and found that they plan to hire 9,121 new workers, down 9.8 percent from last year.

The decline stems from the slow economy exacerbated by massive layoffs in shipbuilding and heavy industry.

Banks are drastically tightening their purse strings, with Shinhan, KB Kookmin and Woori banks hiring around 700 new staff, far fewer than last year's 1,300.

Banks' profitability is plunging due to record-low interest rates and early-retirement packages for existing staff.

(THE CHOSUNILBO)