Ssangyong Motor Union's March for Early Normalization: "Financial Support Must Come First"

"Securing New Funding Is a Challenge for Future Car Launches... Support Must Precede Swift Completion of Rehabilitation Procedures"

[Image source=Yonhap News]

[Asia Economy Reporter Yoo Je-hoon] The Ssangyong Motor Labor Union announced on the 17th that it will launch a walking march for the early normalization of the company.

Accordingly, the Ssangyong Motor union will hold a declaration ceremony for the walking march on this day and conduct public awareness campaigns at key locations such as Pyeongtaek, Suwon, Anyang, and Seoul, while submitting a petition to the National Assembly on the 20th.

The union stated, "The driving force that has sustained Ssangyong Motor amid the urgent management crisis caused by the COVID-19 pandemic and the withdrawal of investment plans by the major shareholder, India Mahindra Group, is the efforts and sacrifices of all workers who implemented proactive self-help measures, including cost reductions of 120 billion KRW through labor-management shared pain and the sale of non-core assets amounting to 200 billion KRW."

The union also said, "Since January, labor and management have deferred 50% of wages to alleviate the financial difficulties of partner companies while prioritizing payment for supplies," emphasizing, "This would not have been possible without the firm philosophy and belief in a labor-management culture based on mutual growth and no labor disputes over the past 11 years."

Furthermore, the union stated, "Considering the employment effect on more than 200,000 people, including Ssangyong Motor parts suppliers, sales agencies, and service networks, the necessity of survival is clear," adding, "In 2009, the Pyeongtaek regional economy suffered due to the restructuring of about 2,600 employees, and over 30 precious lives were lost, so the local community is actively urging the government to provide support to prevent such pain from recurring."

The union also said, "For the early normalization of Ssangyong Motor, planned eco-friendly and future vehicle models must be launched without disruption, but securing new funds for investment is a critical task under the current circumstances," and stated, "Ssangyong Motor must promptly conclude corporate rehabilitation procedures and contribute to the nation and region, so new loans and financial support must be prioritized as soon as possible."